Antrim Energy gains on first oil production from Cormorant East

Antrim Energy advanced Monday following the announcement of the first oil production from its Cormorant East Field in UK Northern North Sea.

Antrim Energy advanced Monday following the announcement of the first oil production from its Cormorant East Field in UK Northern North Sea.

The oil and gas company said an initial production rate of 5,500 barrels of oil per day with no water was achieved - 85 days following the discovery of the field.

Oil will be exported to the Sullom Voe terminal for sale after being processed at the North Cormorant platform operated by TAQA Bratani.

Cormorant East shows significant potential for upside dependent on the

reservoir response to the existing well, according to an operator's analysis.

Other locations within the Cormorant East development area have been identified and will be assessed.

Stakeholders in the Contender Block include Atrium, TAQA, Dana Petroleum, First Oil Expro and Bridge Energy Enterprises.

Under the terms of the farm-out agreement with TAQA, Antrim's working interest share of the drilling, completion and tie-in costs for the Contender Well were funded by TAQA.

"Antrim's share of the completion and tie-in costs will be recovered by TAQA from revenue from Antrim's share of initial production," the company said in a statement.

Shares soared 7.64% to 38.75p at 9:24 Monday.

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
James Ferguson: How bad data is driving fear of a second wave of Covid-19
UK Economy

James Ferguson: How bad data is driving fear of a second wave of Covid-19

Merryn and John talk to MoneyWeek regular James Ferguson about the rise in infections in coronavirus and what the data is really telling us.
17 Sep 2020