courtesy Antrim Energy

Calgary-based North Sea player, Antrim Energy, has posted record net profit of C$1.34 ($1.16 billion) for 2006, a fourfold betterment from the C$3 billion loss recorded for 2005.

“Reserves increased 435 percent year over year, and drilling results in Tierra del Fuego, Argentina and at East Causeway in the U.K. North Sea met or exceeded our expectations,” company chief exec, Stephen Greer said in a statement.

With gas production up 24 percent, and cash flow up 47 percent, Antrim plans a follow-up of the East Causeway discovery in the U.K. sector: up to three wells from Q2 2007 and a role drilling the Kerloch prospect in the northwest area of Block 211/22a in Q4 2007. A seismic shoot over the Fyne & Dandy oil fields is imminent.

In Tierra del Fuego, Artentia, Antrim, the drilling of up to 10 wells in Tierra del Fuego is expected this spring after infield and fault-block seismic. Further, extra oil pipeline, storage and treatment facilities are planned for 2007 to meet rising field flows.

At least one exploration well is planned in 2007 for each of the Medianera and Capricorn blocks. In the Puesto Guardian concessionseismic data is expected to produce a drilling program on the concession in 2007-2008.