Antrim shares fall as much as 4 percent
By Krithika Krishnamurthy
Jan 16 (Reuters) - Antrim Energy Inc said
two of its oil fields in the North Sea went off production
following a leak in an oil pumping station that is part of
Britain's North Sea Brent pipeline system, sending its shares
down 4 percent.
The leak at one of the legs of the Cormorant Alpha platform,
operated by Abu Dhabi oil company Taqa, has disrupted
production at more than 20 oil fields in the northern North Sea,
Antrim said production was stopped at the Causeway field and
the cormorant East field and that all pipeline infrastructure
associated with the Cormorant Alpha platform were shut in.
Calgary-based Antrim has a 35.5 percent stake in the
Causeway field, which produced an average of 4,800 barrels of
oil 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, which
started production on Monday with an initial rate of about 5,500
bpd. Taqa owns 60 percent of the field and operates it, while
First Oil Expro and Granby Enterprises Ltd are the other
"The impact on Antrim could really be quite minor and what
I'm reading appears to be minor, but we don't know..." said
analyst Bill Newman of Mackie Research Capital. "We're going to
monitor Taqa's update for now."
Taqa said it shut down all pipeline infrastructure running
through the Cormorant Alpha platform, and that it had no restart
date, sending crude oil prices surging to $111 a barrel on
At $110 per barrel, the lost production is worth about $10
million per day, said Mike Tholen, economics director at Oil &
Gas UK, a trade association for the offshore oil and gas
He estimated that oil produced from the affected fields
accounts for about 10 percent of UK's production of 1 million
barrels per day.
Shell UK said the shutdown has not had any direct
impact 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. They
have lost nearly a third of their value over the past three