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

Share tips of the week – 21 January
Share tips

Share tips of the week – 21 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
21 Jan 2022
Seven cheap defence stocks to buy now
Share tips

Seven cheap defence stocks to buy now

We’ve got used to a world without war between major powers, but that era is coming to an end as Russia threatens Ukraine and China eyes Taiwan. Buy de…
21 Jan 2022
Invest in VCTs: tax-free investments set to break records
Investment strategy

Invest in VCTs: tax-free investments set to break records

Generous tax breaks make VCTs – venture capital funds – an attractive supplement to pensions.
21 Jan 2022
HubSpot: a tech stock set to tumble
Trading

HubSpot: a tech stock set to tumble

US tech stocks have had a fantastic couple of years. But this year is unlikely to be so bullish for high-fliers that can’t turn big profits.
18 Jan 2022

Most Popular

Ask for a pay rise – everyone else is
Inflation

Ask for a pay rise – everyone else is

As inflation bites and the labour market remains tight, many of the nation's employees are asking for a pay rise. Merryn Somerset Webb explains why yo…
17 Jan 2022
Temple Bar’s Ian Lance and Nick Purves: the essence of value investing
Investment strategy

Temple Bar’s Ian Lance and Nick Purves: the essence of value investing

Ian Lance and Nick Purves of the Temple Bar investment trust explain the essence of “value investing” – buying something for less than its intrinsic v…
14 Jan 2022
Interest rates might rise faster than expected – what does that mean for your money?
Global Economy

Interest rates might rise faster than expected – what does that mean for your money?

The idea that the US Federal Reserve could raise interest rates much earlier than anticipated has upset the markets. John Stepek explains why, and wha…
6 Jan 2022