Antrim begins drilling on Medianera licence
Tuesday, May 22, 2007
Antrim Energy, the oil and gas exploration and production company, has started drilling on the first of two exploration wells on its Medianera licence in the Rio Negro Province in central Argentina. Antrim holds a 70% working interest in the Medianera licence.
Based on 3D seismic acquired in 2006, the first well M3002 targets a Jurassic sequence at a depth of 1,400 metres. The well is expected to take approximately 14 days to drill and test. A second exploration well is planned for the Medianera licence in early June.
Antrim announced in March this year, that in 2006 it added over 93% to its reserve base in Argentina through drilling success. The May first quarter results reported production from the area was 1,502 boepd. Overall this represented a 57% increase in production over the comparable period in 2006.
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