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Sunday, 20 July, 2008, 02:10 GMT | more prices >>

Antrim says UK reserves double

By Upstream staff

Calgary-based Antrim Energy said today that total proved plus probable reserves in the UK doubled last year to 29.3 million barrels of oil equivalent compared to 2006 levels.

The outfit's total proved plus probable reserves jumped 20% to 38.1 million boe year-on-year.

Meanwhile, oil and gas revenues edged up 15% year-on-year to around C$15 million (US$14.6 million) due to a 35% increase in production from the company’s interests in Argentina to 1,553 boepd.

Net profit slipped from around C$1.3 million in 2006 to a loss of C$9 million last year, the company reported in its financial results.

Capital expenditure jumped 104% to C$102.3 million last year, mainly for an appraisal drilling program at the Causeway property in the UK’s North Sea.

“The very significant (50%) increase in the company’s UK reserves, and associated value, underpins our aim to bring the UK properties to production as soon as possible,” said Antrim’s president, Stephen Greer.