Antrim Energy

Capex

Total capital expenditures planned for 2008 are $113 million which the company anticipates will be funded from a combination of existing working capital, cash flow from operations and debt facilities.

Future Plans

In March 2008, a multi-lateral drilling program was initiated on the Fyne licence. The current operation entails drilling one pilot well and two side tracks and is being optimized using 3-D seismic acquired in 2007. A second rig contract has been signed which will provide Antrim with the Transocean "Prospect" semi-submersible drilling rig for up to four additional wells scheduled to begin in June 2008. The drilling contract will allow Antrim to accelerate appraisal activity on the Company's existing properties in the Northern and Central North Sea and it is also expected to provide Antrim with the flexibility to add additional drilling opportunities to its 2008 program. The evaluation and acquisition of additional exploration licences in the UK North Sea is also planned in 2008.

The Company plans to submit a Field Development Plan (“'93FDP”'94) for the Causeway property in the second quarter of 2008 and begin to invest in production facilities during the third quarter of 2008 with a view to commence production from the property in late 2009.

In March 2008, Antrim announced that it had agreed terms for a US$50 million working capital facility to be available for pre-development costs associated with the Causeway property. The working capital facility is subject to satisfactory due diligence, execution of full documentation and achievement of all conditions precedent. Upon approval of the FDP, the facility is expected to be replaced with a US $150 million senior secured field development facility and a contingent cost overrun facility.

In Tierra del Fuego, Argentina, 16 wells are expected to be drilled in 2008 and additional 3D seismic is planned. Antrim also expects to follow-up on the successful drilling on the Medianera licence with the addition of up to 6 wells in 2008.

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Reserves

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