Antrim has drilled another successful oil well in its drilling program in the Springhill reservoir in Tierra del Fuego, Argentina. Antrim's working interest in the Tierra del Fuego concession is 25.78%.
The new well, G-1001, encountered a water free gross interval of 10 meters in the Springhill reservoir and has been cased as a potential Springhill oil well. Net pay is estimated at 4.5 m with an average porosity of 18%. It is the 21st well drilled under the company's current multi-well drilling program that commenced in September, 2007, of which 20 have been cased for production.
G-1001 was drilled on the Gaviotas Structure in the Angostura concession following interpretation of the company's 3D seismic program which covers parts of the Angostura and Las Violetas concessions. As previously announced, the Company recently completed the acquisition of more than 137 square kilometers of 3D seismic which is in addition to the current 661 square km's of 3D coverage on the Company's concessions in Tierra del Fuego.
The Company expects to initiate production tests on G-1001 in the coming weeks. The drilling rig will now be moved to drill a step out well on the Las Violetas oil pool located approximately 40 kilometers to the southeast of the Gaviotas Structure. One additional firm well, plus one contingent well are scheduled to be drilled before year-end at which time the rig will be released from contract.
To-date, the Argentine drilling program has been successful in adding significant reserves and future production potential. However, current economic conditions have necessitated a shift in Antrim's focus away from drilling and reserves additions and towards increasing production.
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