Based on logging results, the well has encountered a significant pay section in the Cretaceous target zone. LP-1002 will be tested and completed before the end of November using a joint venture owned service rig. It is expected that the well will be placed on production through existing facilities.
The drilling rig used to drill LP-1002, Petroservicio #6, has moved to the second location at Los Flamencos a-1001, three miles south of the successful LP-1002 well.
Antrim Energy Inc. has a 25.78% working interest in three producing exploitation concessions in Tierra del Fuego, located on the southern tip of Argentina in a special tax free/duty free trading zone. No corporate income tax is payable on net operating income from the concessions. Provincial royalties on gross revenue are 12%.
Stephen Greer, Antrim's CEO commented, "We are very pleased with our first drilling result from the Tierra del Fuego property. This initial success reinforces our view that Antrim's second core producing area in Argentina holds significant development potential. We intend to continue to drill the targets identified on the recently acquired 3-D seismic program and quickly bring the successful wells to production".
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