Antrim Energy’s Argentina Project Starts Mainland Gas Deliveries
CALGARY, ALBERTA–(Marketwire – Sept. 30, 2008) –
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Antrim Energy Inc. (“the Company”) (TSX:AEN)(AIM:AEY), announces that on September 18, the gas gathering system for its Tierra del Fuego project in Argentina went on stream, delivering gas to mainland Argentina. Antrim’s working interest in the Tierra del Fuego concession is 25.78%.
The system will deliver at rates rising to 12.25 million cubic feet of gas per day (mmcf/d) during the fourth quarter, and the company expects that will increase to 24.5 mmcf/d in April 2009. Antrim’s net Argentine production has climbed to approximately 1,650 barrels of oil equivalent per day (boe/d) from about 1,500 boe/d, and is expected to exceed 3,000 boe/d by July 2009.
Further gas production increases are anticipated with the completion of the proposed new high pressure sales line connecting the island of Tierra del Fuego with the national gas grid in late 2010. In the meantime, the Company is actively pursuing other gas markets in mainland Argentina for deliveries commencing in 2009. Mainland gas prices are expected to improve significantly from current levels of around US$ 1.40 per thousand cubic feet (mcf) over the next 24 months as government controls on energy pricing are eased.
The company’s ongoing Tierra del Fuego drilling program continues to enjoy success. Since commencing drilling operations in 2005 a total of 38 wells have been drilled on the concession of which 36 have been cased for oil or gas production. Gas well, drill stem and production tests from wells drilled in this ongoing drilling campaign exceed a combined 100 mmcf/d. So far during 2008 14 wells have been drilled. Thirteen of which have been cased as oil or gas wells, with just one abandoned as dry hole.
Drilling is now underway on the fourteenth location, the first in a five-well series comprising one development, three appraisal and one exploration well. Together with its partners, Antrim is evaluating further locations identified on recently acquired proprietary 3-D seismic, for drilling in 2009.
Antrim Energy Inc. is a Canadian; Calgary based high-growth junior oil and gas exploration and production company with assets in the UK North Sea and Argentina. Antrim is listed on the Toronto Stock Exchange (AEN) and on the London Stock Exchange’s Alternative Investment Market (AEY). Visit www.antrimenergy.com for more information.
This news release contains certain forward-looking statements, which include assumptions with respect to future plans, results and capital expenditures. Cumulative volumes are not necessarily representative of future production volumes. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Antrim’s control. Please refer to Antrim’s Annual Information Form for the year ended December 31, 2007 and dated March 31, 2008 and available for viewing at www.sedar.com, for a list of risk factors. Antrim’s actual results could differ materially from those expressed in, or implied by, these forward- looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Antrim will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Antrim or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward- looking statements contained in this news release are made as at the date of this news release.
Qualified Person Review
In accordance with AIM guidelines, Mr. Kerry Fulton, P. Eng and Chief Operating Officer of Antrim, is the qualified person that has reviewed the technical information contained in this news release.
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