BP snaps up Antrim Energy's Causeway stake

The London listed, but Canada headquartered oil firm, Antrim Energy has managed to agree a significant sales contract with BP.

The sale of Antrim's 35.5% share of oil produced from the Causeway Field in the North Sea will see BP get access to a site that has tested at 14,500 barrels of oil per day.

The tests were carried out by Antrim in 2006 but initial production isn't expected to start until late September this year.

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Under the terms of the agreement, Antrim can also include its share of oil production from the adjacent Fionn Field, once production commences there.

Antrim shares were up 12.6% by 10:02.

BS