Antrim Energy, the Calgary based oil exploration company, has announced a discovery at its Erne exploration well in the North Sea.
Antrim, which has a 50% interest in the well, with Premier Oil holding the other 50%, says a hydrocarbon column in excess of 50 feet was encountered during drilling.
The firm says 20 feet was net oil pay and another ten feet was net gas pay.
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No flow test was conducted on the well although both owners of the site have agreed to drill a sidetrack to "further delineate the reservoir".
Shares in Antrim have risen 5% in morning trading, while shares in Premier Oil have fallen back slightly to 361.8p, a drop of 0.73%.
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