Antrim Energy has signed a heads of agreement with Premier Oil to farm out a portion of its Erne Prospect, which is located in the Greater Fyne Area of the Central North Sea.

Premier will earn a 50% working interest in Antrim’s licence P1875 by funding a promoted share of the costs to drill a well on the Erne Prospect on block 21 / 29d.

The company signed a contract with AGR Well Management to provide project management and drilling services using the WilPhoenix semi-submersible drilling rig.

A site survey was completed and drilling is expected to begin in the third quarter of 2011.

The heads of agreement is subject to approval by the UK Department of Energy and Climate Change.