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
-
Why Chinese stocks are so far out of favourThere’s little appetite for Chinese stocks despite low valuations.
-
The 62 UK areas where you could be priced out of using your Lifetime ISASaving for your first home in Croydon, Ealing, Brent or any one of these other locations? You could be at risk of being priced out of using your Lifetime ISA
