GO with the FLOW...GOLONG Antrim and Ithaca boosted by Causeway field restart
Fri 6:03 am by Jamie Ashcroft
Prior to shut-down, Causeway was producing just shy of 3,000 barrels per day while Cormorant East, which came online earlier this year, produced 625 barrels per day in the first half of the year. (LON:AEY) (TSE:AEN) shares shot up over 30% in early deals in London after it confirmed the restart of oil production from the Causeway and Cormorant East fields in the North Sea.
This follows the completion of a routine phase of maintenance, which began in August but had overrun.
Additionally, Antrim also confirmed that production rates from Causeway are now expected to rise over the course of the year, due to the start-up of electrical submersible pumps and the use of water injection.
Prior to shut-down, Causeway was producing just shy of 3,000 barrels per day while Cormorant East, which came online earlier this year, produced 625 barrels per day in the first half of the year.
Antrim owns a 35.5% interest in Causeway and an 8.4% stake in Cormorant East (which is located in the Contender Area).
After opening over 30% higher in London, Antrim shares were up 1.5p or 24% later in the morning, changing hands at 7.75p each.
Fellow firm () (TSE:IAE) acquired a 64.5% in Causeway via its takeover of Valiant Petroleum earlier this year.
The resumption of operations is an important milestone for Ithaca given that last week’s production update said that the timely restart would be key to achieving its full year production target of 14,000 to 16,000 barrels per day (anticipated to be at the bottom end).