ATGYF: Antrim Shares More Than Double On Skellig B
Post# of 776
Posted On: 07/29/2014 11:21:49 PM
ATGYF: Antrim Shares More Than Double On Skellig Block Reserves Estimate 7/29/14
By Alex MacDonald
LONDON--The U.K.-listed shares of North Sea oil and gas explorer Antrim Energy Inc. (AEY.LN) more than doubled after a seismic survey indicated the potential for a large oil and gas find off Ireland's coast.
Antrim said its 3-D seismic survey of the Skellig block resulted in 17 leads with a best estimate, unrisked prospective resource potential of 1.1 billion barrels of oil equivalent.
Two of those leads had a resource potential of 482 million barrels of oil equivalent or 42.7% of the total, Antrim said.
The London shares of the Canada-based firm surged to 8 pence a share from Monday's 3 pence-a-share close following the announcement.
Antrim owns a 25% stake in the Skellig block while U.S.-listed Kosmos Energy Ltd. (KOS) owns the remaining interest in the block. Antrim acquired an option to explore the Skellig area in 2011. A 75% interest in the option was subsequently farmed out to Kosmos Energy and converted into an exploration license in 2013.
In return for the farm-out, Kosmos agreed to carry the full cost of the drilling program and re-imburse a portion of the costs previously incurred by Antrim on the licence.
By Alex MacDonald
LONDON--The U.K.-listed shares of North Sea oil and gas explorer Antrim Energy Inc. (AEY.LN) more than doubled after a seismic survey indicated the potential for a large oil and gas find off Ireland's coast.
Antrim said its 3-D seismic survey of the Skellig block resulted in 17 leads with a best estimate, unrisked prospective resource potential of 1.1 billion barrels of oil equivalent.
Two of those leads had a resource potential of 482 million barrels of oil equivalent or 42.7% of the total, Antrim said.
The London shares of the Canada-based firm surged to 8 pence a share from Monday's 3 pence-a-share close following the announcement.
Antrim owns a 25% stake in the Skellig block while U.S.-listed Kosmos Energy Ltd. (KOS) owns the remaining interest in the block. Antrim acquired an option to explore the Skellig area in 2011. A 75% interest in the option was subsequently farmed out to Kosmos Energy and converted into an exploration license in 2013.
In return for the farm-out, Kosmos agreed to carry the full cost of the drilling program and re-imburse a portion of the costs previously incurred by Antrim on the licence.
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