15 Nov 2013 10:11
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Don't have an account? Click here to register.UPDATE 1-Antrim's 2 fields shut after leak in UK Brent pipeline system
Wed, 16th Jan 2013 15:35
* Production halted at Causeway, Cormorant East fields * Analyst says impact on Antrim could be minor * Antrim shares fall as much as 4 percent By Krithika Krishnamurthy Jan 16 (Reuters) - Antrim Energy Inc saidtwo of its oil fields in the North Sea went off productionfollowing a leak in an oil pumping station that is part ofBritain's North Sea Brent pipeline system, sending its sharesdown 4 percent. The leak at one of the legs of the Cormorant Alpha platform,operated by Abu Dhabi oil company Taqa, has disruptedproduction at more than 20 oil fields in the northern North Sea,Antrim said. Antrim said production was stopped at the Causeway field andthe cormorant East field and that all pipeline infrastructureassociated with the Cormorant Alpha platform were shut in. Calgary-based Antrim has a 35.5 percent stake in theCauseway field, which produced an average of 4,800 barrels ofoil per day (bpd) in November. Britain's Valiant Petroleum Plc owns the rest of the field and operates it. Antrim owns 8.4 percent of the cormorant East field, whichstarted production on Monday with an initial rate of about 5,500bpd. Taqa owns 60 percent of the field and operates it, whileFirst Oil Expro and Granby Enterprises Ltd are the otherstakeholders. "The impact on Antrim could really be quite minor and whatI'm reading appears to be minor, but we don't know..." saidanalyst Bill Newman of Mackie Research Capital. "We're going tomonitor Taqa's update for now." Taqa said it shut down all pipeline infrastructure runningthrough the Cormorant Alpha platform, and that it had no restartdate, sending crude oil prices surging to $111 a barrel onWednesday. At $110 per barrel, the lost production is worth about $10million per day, said Mike Tholen, economics director at Oil &Gas UK, a trade association for the offshore oil and gasindustry. () He estimated that oil produced from the affected fieldsaccounts for about 10 percent of UK's production of 1 millionbarrels per day. Shell UK said the shutdown has not had any directimpact on its Brent Field installations. Shares of Antrim, valued at about C$103 million, were at a two-week low of 54 Canadian cents on Wednesday morning. Theyhave lost nearly a third of their value over the past threemonths.
More News
25 Oct 2013 10:29
STOCKS NEWS EUROPE-UK small caps up slightly more than blue-chips
Britain's small cap equity indexes rise to slightly outpace gains on the blue-chip index. The FTSE Small Caps Index and junior-listed FTSE AIM All Share Index are both up by 0.2 percent in mid-session trade, with the blue-chip FTSE 100 index up by 0.1 percent. The FTSE 250 Mid Caps I
Read more25 Oct 2013 08:24
Antrim shares jump as Causeway and Cormorant production resumes
Canada-based oil and gas company Antrim Energy said oil production at the Causeway and Cormorant East Fields in the North Sea had restarted. It follows the completion of maintenance work on the North Cormorant platform. Antrim, which has a 35.5% interest in the Causeway field and 8.4% interest in
Read more25 Oct 2013 07:22
2 Jul 2013 15:05
Antrim says new technology puts small N.Sea oil field back on track
By Sarah Young LONDON, July 2 (Reuters) - Small North Sea explorer Antrim Energy said new technology had allowed it to revive plans to start oil production at a field it previously abandoned as unviable, sending its shares up 45 per cent and raising hopes other such fields could be develope
Read more2 Jul 2013 11:20
STOCKS NEWS EUROPE-UK small caps fall 0.1 percent mid-session
The FTSE AIM index falls 0.1 percent, outperforming a 0.4-percent drop from the midcaps, while lagging the FTSE Small Cap index which trades flat. AIM-listed exploration and production firm Antrim Energy jumps 46 percent in brisk trade after the UK Department of Energy and Climate Change a
Read more15 May 2013 13:53
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. At the quarter-end the group had a working capital de
Read more14 May 2013 11:54
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. 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 explorati
Read more1 Feb 2013 09:32
Antrim Energy pulls withdraws from Fionn Field subarea
AIM-listed exploration and production company Antrim Energy has elected to opt out of the Fionn Field development in the North Sea, according to an operational update issued by the company on Friday. The company, which has interets offshore in the UK North Sea, Ireland and Tanzania, stated that the
Read more1 Feb 2013 07:55
Friday broker round-up UPDATE
Afren: HSBC shifts target price from 190p to 200p, while reiterating an overweight rating. Antofagasta: Exane BNP reduces target price from 1500p to 1350p maintaining an outperform rating. Antrim Energy: Westhouse Securities lowers target price from 70p to 65p and reiterates a buy recommendation.
Read more16 Jan 2013 17:36
CORRECTED-UPDATE 2-Antrim's oilfields shut after leak in UK Brent pipeline system
(Corrects paragraph 8 to say oil prices hit a high of $110.84, not $111) * Production halted at Causeway, Cormorant East fields * Analyst estimates production could be halted by a week * Antrim shares fall as much as 4 percent By Krithika Krishnamurthy Jan 16 (Reuter
Read more16 Jan 2013 09:17
Antrim Energy: potential hydrocarbon leak on Cormorant Alpha platform
Antrim Energy has announced that the export infrastructure system used by the Causeway Field and Cormorant East Field in the UK Northern North Sea is currently unavailable due to a potential hydrocarbon leak on the Cormorant Alpha platform. All production and associated pipeline infrastructure ass
Read more