Antrim Energy's farm out deal with Kosmos Energy approved

Antrim Energy's farm out deal with Kosmos Energy has been given the green light by the Irish government.

Antrim Energy's farm out deal with Kosmos Energy has been given the green light by the Irish government.

The two will now apply to the Minister of State at the Department of Communications, Energy and Natural Resources for the licensing option 11/5 to be converted into a 15-year frontier exploration licence.

Kosmos will become operator of the option and will acquire a 75% stake in the asset by paying for a 3D seismic programme across the area.

"Antrim is very pleased to receive this consent from the Irish government, and equally pleased at the enthusiasm demonstrated by Kosmos to initiate 3D seismic acquisition planning so quickly," said Chief Executive, Stephen Greer.

The licence, also known as the Skellig Block, is located adjacent to the Dunquin exploration project, where ExxonMobil is currently drilling a deep water well, targeting an estimated 1.7bn barrel oil equivalent target.

Shares rose 2.33% to 11p at 12:34 Tuesday.

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

A simple way to profit from the next big trend change in the markets
Investment strategy

A simple way to profit from the next big trend change in the markets

Change is coming to the markets as the tech-stock bull market of the 2010s is replaced by a new cycle of rising commodity prices. John Stepek explains…
14 Jan 2021
Forget austerity – governments and central banks have no intention of cutting back
Global Economy

Forget austerity – governments and central banks have no intention of cutting back

Once the pandemic is over will we return to an era of austerity to pay for all the stimulus? Not likely, says John Stepek. The money will continue to …
15 Jan 2021
Here’s why markets have shrugged off the US political turmoil
Investment strategy

Here’s why markets have shrugged off the US political turmoil

Despite all the current political shenanigans in the US, markets couldn’t seem to care less. John Stepek explains why, and what it means for your mone…
7 Jan 2021
Free 6 issue trial then continue to