Antrim boosts gas production in southern Argentina

Oil and gas exploration company Antrim Energy has succesfully completed fracture stimulation, a process which creates fractures in the rock formations to help recover the natural gas, at two of its wells in Tierra Del Fuego, southern Argentina. Both wells, which had already been drilled, were re-entered and fracture stimulated in August of this year. As a result of the fracturing, both wells are now producing a greater amount of cubic feet per day. The first of the wells, which was producing 0.4m cubic feet per day (CFD), is now placed on production at an initial production rate of 5m CFD, while the second well, which was producing 1m CFD has now doubled its output. The company said that the improved flow rates are expected to bolster the company's Tierra Del Fuego production, which averaged 1,600 barrels of oil equivalent per day during the first six months of the year. "Argentina is a self sustaining and growing profit centre for Antrim. The company is currently building an exploration portfolio, having recently acquired a 50.1% working interest in and operatorship of the Cerro los Leones exploration permit in the Neuquen Basin," the group said. The share price was up 8.18% to 59.50p at 12:49. NR