The Company anticipates that additional drilling locations will be constructed as soon as possible to delineate this oil discovery. The area around LV-105 was covered by the 3-D seismic program acquired in 2005. Antrim and partners have a rig on site to enable a rapid appraisal of the discovery.
The oil discovery LV-105 is the tenth of eleven wells drilled in Antrim's ongoing Tierra del Fuego program. To date, 5 wells have been completed and tested as liquid-rich gas wells; 3 wells have been cased and are awaiting stimulation; one well (LV-105) has been completed as an oil well and is on production; one well has just been logged and cased and is waiting on testing; and, one well has been plugged and abandoned.
Antrim has a 25.78% interest in three licenses in Tierra del Fuego. The Petroservico rig, used in the current drilling program, is under contract until August 31, 2006.
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