The 3D seismic program is expected to commence later this month and should be completed before the end of June 2003. The program is designed to evaluate a possible extension onto the Capricorn Permit of a recent oil discovery made by a third party on an adjacent permit.
Antrim's Capricorn Permit, which was granted in October 2001 and is subject to publication in the Argentine Official Gazette, consists of approximately 2 million acres situated in the Northwestern Petroleum Basin, a region containing some of Argentina's largest oil and gas fields.
On completion of the seismic program APCO, an established oil and gas producer in Argentina, will have earned a 50% working interest in the Capricorn Permit. Antrim will retain a 50% interest in the permit.
Commenting on the agreement with APCO, Stephen Greer (Antrim's Chairman and CEO) said "we are very pleased to have APCO join us as an equal joint venture partner on this exciting exploration program on trend and immediately adjacent to a significant oil discovery in Argentina's Northwest Petroleum Basin".
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