Antrim Offers Update on Increased Argentinian Drilling
Antrim Energy Inc. updated its ongoing operations in Tierra del Fuego, Argentina. Antrim's working interest in the Tierra del Fuego concession is 25.78%. During the first six months of the year, the Company drilled and cased eight Springhill wells in Tierra del Fuego resulting in two producing oil wells, three shut-in gas wells and three wells waiting on completion. The two completed oil wells are LP-1012 drilled on the Los Patos structure and flowing 165 bopd and LV-110, a 1.5 km extension to the Las Violetas oil pool, placed on production in early June at a flowing rate of 300 bopd.
The three shut-in gas wells, located at San Luis, Los Flamencos and Los Patos tested, on average, un-stimulated flow rates of 2.3 mmcfd plus 25 bopd, and will be placed on production when the Company's pipeline and compressor facilities are commissioned in July. The Company is presently drilling a 1.3 km step out on the Los Flamencos producing trend. The three wells waiting on completion comprise a potential Springhill gas producer located on the Los Flamencos structure, a second potential oil well in the Las Violetas field and an exploration well, AS-1001, drilled on the Angostura Sur anomaly located to the north and west of Las Violetas. AS-1001 encountered significant oil shows and drilling breaks in both the Springhill and underlying Tobifera horizons. Log analysis, sample descriptions and gas detector readings indicate that the Springhill and Tobifera have potential hydrocarbon columns of 35m and 30m respectively. A total interval of 12 m in the Springhill and 7.5 m in the Tobifera has been selected for perforation and testing. The completion and evaluation of both horizons will commence in July.
Seismic operations on Tierra del Fuego commenced on June 9th and will continue into July. A total of 137 square km's of 3-D seismic will be acquired. The new seismic program complements the current 661 square km's of 3-D coverage on the Company's concessions and will allow Antrim to identify additional development and exploration locations for the previously announced two year drilling campaign that began in the second quarter of 2007.
Construction of the pipeline linking the Company's gas producing fields with the San Martin gas sales line across the Straits of Magellan has finished and efforts are focused on compressor installation, Dew Point plant expansion, field testing and well hook up. Field work will be completed in the third quarter by which time deliverability capacity from the Company's concessions will increase to 40 mmcfgd.
"The ongoing success of our drilling operations in Tierra del Fuego is indicative of the untapped potential on our concessions," said Stephen Greer, President and CEO. "The Company has an extensive drilling inventory identified on its 3-D seismic and the new seismic surveys now being acquired will add to this inventory. With the pending completion of the gas processing and pipeline system our capacity to deliver gas to the continent will more than double by year end. This improved access is very timely as we believe that gas prices on the Argentine mainland will rise as domestic supply struggles to meet demand."
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