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
-
Will UK inflation rise tomorrow ahead of BoE meeting?August’s inflation report will be published at 7am tomorrow, one day before the Bank of England’s next rate-setting meeting
-
Thousands of savers with £250k pensions take cash over tax-free money and IHT fearsWith a record £70 billion withdrawn from pensions in the year to March, experts are concerned savers are making knee-jerk decisions without advice that could affect their long term wealth
