Antrim Energy Makes Second Oil Discovery in Argentina
Antrim Energy has made a second new oil field discovery in Argentina. Production testing began August 5, 2006 from the recently drilled and completed Los Patos 1005 (LP-1005) well. The well was drilled to a target depth of 2,318 meters in the Springhill Formation, logged and perforated over an 8 meter interval (6 meters net). Initial flow rates of 345 barrels of oil per day ("bopd") of light 43 degrees API crude with 2% water were recorded. The well is currently on production at a rate of 300 bopd under natural flow through a 20 mm choke.
Antrim anticipates that additional drilling locations will be constructed as soon as possible to appraise this new field discovery. The area around LP-1005 was covered by the 156 km2 Los Patos 3-D seismic survey acquired in 2005. Antrim and partners have a drilling rig in the area to rapidly appraise this most recent discovery.
The previously announced (June 5, 2006) oil discovery Las Violetas 105 ("LV-105") continues to produce at a rate of approximately 310 bopd and has now been successfully appraised by two additional wells, both of which are indicated oil wells and should be placed on production over the next several weeks. The Las Violetas appraisal program is also expected to continue with additional wells scheduled to be drilled in the coming months.
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 October 2006 with an option to continue until December, 2006.
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