North Sea-focused explorer Antrim Energy jumped on Thursday after two pieces of news got investors excited.
The firm said Premier Oil had begun drilling operations at the Cyclone prospect in the Central North Sea, in which Antrim has a 30% working interest.
The drilling will target the Tertiary Cromarty sandstones at a drilling depth of approximately 5,000 feet true vertical depth.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Antrim also announced the UK government had approved its field development plan for the Cormorant East Field.
The plans calls for the field to be initially produced under primary depletion, with the potential to install a
water injection scheme at a later date.
Shares in Antrim were up 9.8% at midday on Thursday following the announcements.
-
Saba Capital and Boaz Weinstein respond to investment trustsAs investment trust managers and industry experts accuse Saba of self-motivated opportunism, the hedge fund responds to specific "misleading claims" and sets out its stall
-
How to find top-quality companies with growing dividendsIan Mortimer, portfolio manager of Guinness Global Equity Income Fund, shares where he would put his money for sustainable and growing dividends
