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.