Antrim Energy Logs Pay with Second Well in Argentina

Antrim Energy has drilled and cased Los Flamencos-1001a, the second well in Antrim's multi-well drilling program in Tierra del Fuego, Argentina.

Based on logging results, the well encountered at least a ten-meter thick pay interval in the Cretaceous target zone. Preliminary pressure analysis indicates that the well is a new pool discovery. It is expected that LF-1001a will be flow tested and completed as a production well in January 2006. The well will be placed on production through existing facilities.

The drilling rig used to drill LF-1001a is moving to the third location in the program at Las Violetas-1004, approximately 17 miles north of the successful LF-1001a well. Drilling operations at LV-104 are expected to commence before the end of December 2005.

In addition to the multi-well drilling program, Antrim has started a workover program on existing wells in Tierra del Fuego. The first workover in this program involved a fracture treatment of LF-2, and resulted in a six-fold increase in the well's productivity from approximately 0.25 MMcf/d to the current 1.6 MMcf/d. The well is now on production through existing facilities at this higher rate.

Antrim Energy 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 income tax free/duty free trading zone.


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