29th Jul 2014 10:53
LONDON (Alliance News) - Antrim Energy Inc Tuesday said results from a prospective resources report over its FEL 1/13 licence, which includes its 25%-owned Skellig block, offshore Ireland, shows a potential 1.1 billion barrels of oil equivalent.
The oil and gas exploration company said the study, which was carried out by McDaniel & Associates Consultants Ltd, shows a best estimate of 1.1 billion barrels across 17 primary leads, with a best estimate of 482 million barrels from two of those leads.
The company said that results from its recently acquired 3D seismic programme at the sites strongly show the presence of Lower Cretaceous and channel deposits.
Antrim said the study showed a low estimate of 260.2 million barrels and a high estimate of 4.5 billion barrels showing the complex and undefined nature of the deposits.
The company said that based on the mean estimates, its cumulative holding at the site provides it with 61.8 million barrels of oil equivalent.
It added that there is no certainty that any portion of the prospective resources will be discovered.
Antrim Energy shares were up 134% to 7.60 pence, putting it top of the AIM All-Share risers on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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