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Antrim Plunges After Abandoning North Sea Well: Calgary Mover

Feb. 6 (Bloomberg) -- Antrim Energy Inc., which explores for oil and natural gas in the North Sea and Argentina, plunged after abandoning a North Sea exploration well.

The shares fell 22 percent to $1.07 at the close in Toronto, the biggest decline since Aug. 11, 2006.

Antrim will abandon its East Fyne well in the North Sea after determining that the thickness of the oil-bearing sand was “at the lower end” of its estimates, the Calgary-based company said in a statement today.

Antrim has operations in the U.K.’s North Sea, Argentina and Tanzania. The company has about 320 million barrels of proved and probable reserves, according to its website.

To contact the reporter on this story: Jeremy van Loon in Calgary at jvanloon@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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