Antrim announces new field discovery in Argentina
Friday, August 24, 2007
Antrim Energy, the international oil and gas exploration and production company, announced today that initial test results from its Medianera drilling program in Argentina indicate a new field discovery. Antrim holds a 70% stake in the site.
Of two wells drilled, M3001 and M3002, each to a depth of approximately 1,400m, both intersected an oil column in the Cretaceous Quintuco Formation. The company said it planned additional drilling to delineate the discovery as soon as appropriate drilling equipment can be contracted.
Antrim, acquired its controlling interest in the Medianera licence in 2006 to explore for Cretaceous and Jurassic oil targets. The drilling of the M3001 and M3002 wells, together with the preceding 3-D seismic program and Antrim's bid for the adjacent Tres Nidos Sur licence, represent the start of a dedicated exploration effort to evaluate and develop this area which is close to some of the larger fields in the Neuquen basin.
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