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zorgon1on Dec 13, 2007 9:13am
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Post# 14013017
Argentina Drilling Update
Argentina Drilling Update
08:55 EST Thursday, Dec. 13, 2007 |
|
CALGARY, ALBERTA AND LONDON, UNITED KINGDOM--(Marketwire - Dec. 13, 2007) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
U.S.
Antrim Energy Inc. ("Antrim") (TSX:AEN) (AIM:AEY) today announced the latest
drilling results in its two-year drilling program in Tierra del Fuego (Antrim
25.78%) in southern Argentina. Since the commencement of the drilling program in
September 2007, four wells have been drilled. The most recently completed well,
Los Patos 1011 (LP-1011), has tested at rates up to 1,000 barrels of oil per day
(bopd), while the two previous wells tested at stabilized rates between 40 and
60 bopd. The fourth well is awaiting completion. Well LP-1011 is currently on
production at 755 bopd of 40 degrees API oil and a gas/oil ratio of 400 scf/bbl
on a 16mm choke, 180 psi, with no water. The rig is moving to the fifth location
and spud is expected this week.
The initial phase of the drilling program is to evaluate the Springhill
Formation in the Los Patos Field. The drilling program, which is based on an
extensive 3D seismic program acquired in 2006, will continue until Q3 2009 under
the current two year drilling contract.
Additionally in Tierra del Fuego, facility additions are presently on-going,
including gas processing, oil and gas gathering lines and compression.
In Antrim's northern Capricorn licence (Antrim WI 50%), the first well
drilled under the farm out agreement with Gold Point Energy was plugged and
abandoned. The second well is presently drilling, with results expected by year
end.
In Antrim's Medianera licence (Antrim 70%) in central Argentina, two
successful wells have been completed and are on production. A rig is being
sourced for an additional six well drilling program for 2008.