Antrim Energy fails to impress despite reduction in Q1 losses

Antrim Energy shares dropped by nearly a third after the AIM-listed exploration and production company revealed its working capital declined sharply in the first quarter of the year - and despite significantly reduces its losses for the period.

Antrim Energy shares dropped by nearly a third after the AIM-listed exploration and production company revealed its working capital declined sharply in the first quarter of the year - and despite significantly reduces its losses for the period.

At the quarter-end the group had a working capital deficit of $4.6m, down from a surpluss of $55.4m in the same period the previous year.

Losses for the three months declined from $55.4m to $2.9m.

The group said its causeway production rates averaged 3,336 barrel per day.

The share price was 31% lower at 7.50p by 14:15 Wednesday.

NR

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