Antrim Spuds First Medianera Well in Argentina
Antrim Energy Inc. reported that drilling has commenced on the first of two exploration wells on its Medianera license in the Rio Negro Province in central Argentina. Antrim holds a 70% working interest in the Medianera license.
Based on 3D seismic acquired in 2006, the first well--M3002--targets a Jurassic sequence at a depth of 1,400 meters. The well is expected to take approximately 14 days to drill and test. A second exploration well is planned for the Medianera license in early June.
In southern Argentina, on the Tierra del Fuego licenses, Antrim's previously drilling plans remain on schedule with a rig expected to arrive in June 2007 to allow drilling to start in late June or early July 007. This rig has been contracted for two years and will be dedicated to Antrim's Tierra del Fuego licenses. Acquired in 2005, Antrim holds a 25.78% interest in the Tierra del Fuego licenses.
In March 2007, Antrim announced that in 2006 it added over 93% to its reserve base in Argentina through drilling success. The May 15th first-quarter results reported production from the area was 1,502 boepd. Overall, this represents a 57% increase in production over the comparable period in 2006.
Antrim Energy Inc. is an international oil and gas exploration and production company headquartered in Calgary,
Alberta, Canada. Antrim's objective is to create significant wealth for its shareholders through the discovery,
production and sale of oil and gas. Antrim's production and exploration operations are centered in Argentina, and its high-impact oil and gas exploration is focused in the United Kingdom.
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