Antrim Energy goes on M&A trail

Canadian exploration firm, Antrim Energy — which has sizeable interests off the Irish coast — has reported a significant slashing of losses and has said it is on the look-out for additional prospects.

Antrim owns a 25% stake in the highly-rated Skellig exploration licence, located off the south-west coast, which has an estimated 1.1bn barrels of recoverable oil.

The company reported, on Friday, overall losses of $713,000 for the first quarter of 2015; down significantly on losses of almost $8.5m for the corresponding three-month period last year.