Additional completion work is planned at the M3001 well to isolate the water bearing zone. Gas was also tested from the lower Quintuco zone at rates up to approximately 3 mmcf/d. The upper Quintuco oil zone well has been placed on production and the oil is being trucked 5 km to an Antrim-owned battery and sales point.
The M3002 well is scheduled to be completed and tested in both the upper and lower Quintuco. Due to the high pressure gas encountered during the testing of the lower Quintuco in M3001, a more suitable service rig is being sourced for an extended test in M3002. The Quintuco Formation in M3002 is 20 meters structurally higher than in M3001.
Antrim plans additional drilling to delineate this discovery as soon as appropriate drilling equipment can be contracted.
Antrim, acquired its 70% controlling interest in the Medianera license in 2006 to explore for Cretaceous and Jurassic oil targets. The drilling of the M3001 and M3002 wells, together with the preceding 3-D seismic program and Antrim's bid for the adjacent Tres Nidos Sur license, represent the start of a dedicated exploration effort to evaluate and develop this area which is close to some of the larger fields in the Neuquen basin.
Antrim currently produces 1,600 net boepd from its properties in Argentina, primarily from licenses in Tierra del Fuego (Antrim 26.78%) where work continues on building new production facilities. The new facilities, scheduled for completion in October, 2007 will enable Antrim and partners to market additional oil and gas from discoveries made during the successful 2006 drilling program. The 2007 drilling program in Tierra del Fuego is due to start in early September with the first well targeting the oil column in the Los Patos oil field. Antrim and partners have contracted a drilling rig for a two-year period exclusively for work on the Tierra del Fuego production licenses.
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