Antrim and partners are currently negotiating to extend the drilling contract with the Petroservicios rig to December. The drilling equipment was originally scheduled to leave the area in August this year. The rig is currently moving to a location in the Las Violetas area to offset and appraise the recent new field oil discovery LV 105 (reported 5 June, 2006).
Antrim and its partners are pursuing new production facilities and contracts for the sale of the latest gas and liquid discoveries. Recent construction of new facilities and a pipeline on the Las Violetas license will allow the transport and sale of an additional 10 MMcf/d starting in early July.
In central Argentina, on the Medianera concession (Antrim 70%), the Company anticipates starting a 74 km2 3-D seismic program in mid July. The results gained from this program should lead to a drilling program commencing late 2006 or early 2007. No rig contracts have yet been signed for this activity.
In northern Argentina, line clearing has started in preparation for a 315 km2 3-D seismic program due to commence immediately following the seismic acquisition at Medianera. This northern seismic program will be acquired on the Puesto Guardian (Antrim 40%) and the Capricorn (Antrim 50%) licenses in preparation for a 2007 drilling program.
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