The assets consist of a 25.78% working interest in three producing exploitation concessions. The cost of the acquisition was approximately US$5.7 million after closing adjustments, and was funded from existing working capital. The acquisition adds approximately 140 bopd, 2.6 mmcf/d of natural gas and 60 barrels of LPG's (butane and propane) per day to Antrim's production. The effective date of the transaction was October 28, 2004.
Antrim is also pleased to report that an extensive 3-D seismic survey has commenced over the Tierra del Fuego property. The survey will cover 300 km2 of prospective land and is expected to be completed within eight weeks.
Stephen Greer, CEO of Antrim said "the successful acquisition of these oil and gas fields strengthens our position in Argentina and underscores our commitment to high net-back production growth, the acquisition adding at least 100% to our current daily production in a duty and tax-free area. Together with our partners, we believe that the new properties will yield significant production increases through low risk drilling. To capture these additional drilling opportunities we have already initiated a comprehensive 300 km2 3-D seismic survey."
Antrim continues to focus on two primary areas, Argentina the site of its latest production acquisition, and the UK where Antrim recently announced the acquisition of additional interest in the North Sea Block 211/22a, the "Osprey Ridge."
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