The companies have awarded the drilling management contract to the Peak Group, to be run out of its Perth offices, 'in recognition of Peak's leading edge advantage in offshore drilling operations,' according to a statement by Antrim.

The well will be located in WA-306-P in the Barcoo Sub basin off the North West Shelf.

WA-306-P contains a cluster of drilling prospects including "Galapagos" and "South Galapagos". The first well, South Galapagos-1, will be drilled in 345 metres of water to a projected depth of 3775 metres in the Jurassic section. Antrim is operator of the project and recently increased its interest in the permit through an agreement with its 50% partner Magellan.

Antrim said it would fund Magellan's share of the well cost to earn an additional 37.5% interest, bringing Antrim's total interest to 87.5% in WA-306-P.