Antrim Begins Two-Year Tierra del Fuego Drilling Program
Antrim has commenced a two-year drilling program in Tierra del Fuego, Argentina. The first well in the program, LP-1009, has spud on the Los Patos field (Antrim 25.78%) approximately 0.5 km NW of the 2006 oil discovery LP-1005.
The program, previously announced on December 5, 2006, is expected to build on Antrim's successful 2006 drilling program and the Company's recent acquisition of an additional 309 km2 of 3-D seismic.
The drilling program, backed by a two-year drilling contract with Quintana WellPro SA, will initially target oil reservoirs in the Cretaceous Springhill Formation at an approximate depth of 2,300 m in the Los Patos area. Nine drilling locations have already been built and the construction of additional locations continues. Each well is expected to take between two and three weeks to drill and case.
At least two years of additional drilling is planned on the Tierra del Fuego licenses. Initial results from the drilling program will be released following the end of the third quarter of 2007 as part of Antrim's normal quarterly reporting requirements, unless there is a material change.
The construction of new oil and gas production facilities in Tierra del Fuego is on schedule for completion in the fourth quarter of 2007.
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