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Antrim Energy could have 4.5bn barrels offshore Ireland

Published: 03:28 29 Jul 2014 EDT

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Antrim Energy (LON:AEY) has told investors that the Skellig block, offshore Ireland, could contain as much as 4.5bn barrels of oil equivalent.

Consultant McDaniel & Associates has assessed the block, which currently has 17 identified leads, and has estimated potential resources between 260mln (low estimate) and 4.5bn (high estimate) barrels – with a ‘best’ estimate of 1.1bn barrels.

The two largest leads were given a combined ‘best’ estimate of 482mln barrels.

Antrim also told investors that findings from a recently completed 3D seismic programme strongly indicate the presence of Lower Cretaceous slope fan and channel deposits to many of the recent Cretaceous oil discoveries offshore West Africa.

Antrim shares shot up as much as 50% in early deals on AIM.

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