Connacher Oil & Gas Makes Discovery in Argentina

Connacher Oil & Gas reported that the PMNX 1001 well on the La Ramona prospect in the Puesto Morales / Rinconada Concession in the Neuquen Basin, Argentina was spudded on September 20, 2003 and reached a total depth of 1,672 meters on October 4, 2003.

The well encountered numerous hydrocarbon shows over a number of intervals aggregating in excess of 100 gross meters. Based on drilling results and subsequent log analysis, the well has been cased and testing procedures are being finalized and agreed on with the operator, Ingeneria Alpa, a private Argentinian company.

A service rig is scheduled to be moved in for testing operations next week once the drilling rig is dismantled and moved off location. Connacher owns a 50 percent working interest in the well and concession, and test results will be disclosed once definitive information is available.