Antrim Energy has agreed to sell one of its subsidiaries to AzEire, a Bermuda-based firm whose oil operations are focused on exploration off the coast of Ireland.
The global oil and gas downturn has claimed another North Sea casualty as Canadian firm Antrim Energy follows through with a decision to voluntarily wind itself up.
Antrim Energy said its subsidiary has received formal approval from the Irish department of Communications, Energy and Natural Resources of its application for its 100% working interest in the Frontier Exploration Licence.
Antrim Energy has received $9.7million in costs owed by joint venture partners following the completion of the Fyne and Erne abandonment programme in the North Sea.
An Aberdeen based well management firm has completed the planning and supervision of a four well abandonment campaign in the UK Central North Sea on behalf of Antrim Energy.
Antrim Energy, the Canadian oil and gas explorer has lost its majority partner in the frontier exploration licence (FEL) off Ireland's west coast.
Offshore Installation Services (OIS) has been awarded a contract by Antrim Energy to decommission four subsea wells in the central North Sea. The scope of the campaign, which also includes six wells from Centrica Energy, will include offshore and onshore project management, vessel charter, equipment and personnel.
Antrim Energy has appointed its chief executive to its board of directors. Anthony Potter has taken up the additional position with immediate effect. Mr Potter is a chartered accountant with more than 26 years experience in oil and gas and development companies.
Antrim’s discovery of a “proxy tabulation error” sent a shiver down the spine of those of us who attend corporate meetings. Resolutions are easier to calculate than oil reserves, but it’s still no game for amateurs. Antrim Energy’s shareholders thought they had resolved to appoint a chairman in December. By Hogmanay the person they thought they had in place had been invited to “resign” due to what was referred to as a “proxy calculation error”. Instead of receiving the reported nearly 80% of the vote he actually received nearer 21%. Unlike for oil reserves, reporting resolutions is not supposed to be a “probable” against “possible” exercise.
A director of a North Sea oil company has been forced to step down after a bungle over the number of votes cast for his re-election at the firm’s annual meeting. The “proxy tabulation error” has only just been revealed – weeks after Antrim Energy shareholders voted on whether Gerry Orbell should continue on the board. Mr Orbell is a former chairman of the company, which is based in Calgary, Canada.