Reserves rise at Antrim Energy

Oil and gas firm Antrim Energy finished 2009 with a healthy cash position and an improved reserves position.The debt free company had cash of $31.2m at the end of 2009, and saw its proved plus probable reserves improve by around 3% to 37.2m barrels from the end 2008 level.The proved plus probable (2P) oil reserves for its UK assets increased 5.7% to 27.7m barrels of oil equivalent (boe), more than offsetting a 4.4% decline in 2P oil and gas reserves in Argentina to 9.4m boe.Antrim said it expects to be active in the recently announced 26th UK offshore licensing round, while in South America the company will concentrate on the high value production assets in Tierra del Fuego with a view to increasing production in a rising price commodity market.