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.
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
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%.
BS
-
How to boost your pension pot as 35% of UK over 50s face huge retirement savings gapOver 50s are facing a later life with little to no funds - but there are steps you can take now to boost your pot.
-
Zoopla: House sales fall for first time in two years as buyers wait for Autumn BudgetThe average price of a house in September was £270,000, down £1,000 from August as the housing market’s Christmas slowdown came early, Zoopla says
