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Sound Oil eyes Antrim

Canadian oil firm Antrim Energy, which owns 25pc of an offshore exploration block in Ireland that's predicted to hold as much as 1.1 billion barrels of oil, is being targeted in a takeover offer by UK-based Sound Oil.

Sound Oil is tabling an €8m offer for the company, whose market capitalisation has fallen below its net cash position.

It said there is a "geographic disconnect" between Antrim's Calgary-based management team and its European assets.