Antrim Energy revealed that the current operator of the Puesto Guardian Field in Argentina, EPP Petroleo S.A., has agreed to withdraw from and transfer its residual interests in the Puesto Guardian Joint Venture to Antrim and its joint venture partner Tripetrol Petroleum Ecuador Inc. Antrim, through its wholly-owned subsidiary, Netherfield Corp., will immediately assume operatorship until replaced by an operating company which is to be jointly owned by Antrim and Tripetrol. This new company, to be called Petrolera San Jose S.R.L., will be formed exclusively for the purpose of operating the Puesto Guardian property in an efficient manner.
The change of operatorship will ensure that Antrim and Tripetrol have direct control over production and exploration activities in the Puesto Guardian Field. This should allow Antrim to accelerate oil production as well as reduce its operating costs. The field is currently producing approximately 1,038 bopd gross (Antrim net 415 bopd) and a program of new well workover operations is expected to begin in September.