Antrim Energy, the Canadian oil company, says it has drilled a successful sidetrack well to assess the Erne discovery in the UK section of the North Sea.
The sidetrack encountered around 24 feet of net oil and 14 feet of net gas in a high quality sandstone reservoir, Antrim revealed.
Antrim did not perform a flow test and provided no immediate forecast for how many barrels, or barrels of oil equivalent, may be available from the well. Nevertheless, Antrim says the work has "de-risked" other drilling in the region.
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
It is good news for FTSE 250 company Premier Oil which has a 50% stake in the project.
Premier has lost 82% of its value this year after announcing lower than expected production numbers back in May. Antrim is down just 0.85% since the start of the year.
BS
-
8 of the best houses for sale with home cinemasHouses for sale with home cinemas – from a modern oast-house style property in Kent to a house in Buckinghamshire with Dolby sound and bespoke seating
-
Rachel Reeves faces £23 billion capital gains tax “black hole” – will she be forced to look elsewhere?The fiscal watchdog has downgraded its forecast for capital gains tax revenues, leaving chancellor Rachel Reeves with £23 billion less than previously expected
