Press release from Antrim updates Kauri well. Is anyone still here? The board seems rather dead.
Press Release
Antrim Energy Inc. Reports Results for First Quarter of 2001
CALGARY, ALBERTA--Antrim Energy Inc. (TSE: ``AEN'') ``Antrim'' announces that oil production in Argentina for the first quarter of 2001 amounted to 30,390 barrels (338 bopd) compared to 27,900 barrels (307 bopd) in the corresponding quarter of 2000, contributing to gross revenues of $1,296,519 compared to $1,346,599 in 2000. The remainder of the company's revenue was derived from gas production in the Czech Republic and amounted to $86,490 in the first quarter compared to $146,959 in 2000. The decline in revenue from the Czech Republic resulted from mechanical well problems, which have now been solved. The decrease in total revenue was primarily caused by a sale of Canadian production, which occurred close to the end of the first quarter of 2000.
Operating cash flow for the quarter amounted to $296,660 ($0.02 per share), compared to $428,305 ($0.03 per share) in the first quarter of 2000. Net income for the quarter ended March 31, 2001 amounted to $24,158 ($0.00 per common share) compared to $170,064 ($0.01 per common share) in the first quarter of 2000.
At the end of the quarter Antrim had working capital of $2,909,377, compared to $3,994,963 at the end of 2000. Capital expenditures were made on production facilities, drilling and testing in New Zealand.
In New Zealand, drilling and testing operations on the Rimu oil trend (PEP 38719 - Antrim 5% working interest) continued to be successful. Two appraisal wells were drilled. The first appraisal well on the 'A' pad (Rimu A-2) was cased for later testing of the Upper Tariki Sandstone and Rimu Limestone intervals. The second appraisal well from the 'A' pad (Rimu A-3) commenced drilling during the quarter. A-3 has since been cased to a depth of 3,675 metres in preparation for production testing. Wireline logs indicate a section at least 20 metres thick of potential oil-bearing pay in the Upper Tariki Sandstone. On the 'B' pad, additional testing of the Rimu B-1 well resulted in a stabilized rate of 505 barrels of 46-degree API gravity crude oil and 2.8 MMcf of gas per day from the Rimu Limestone.
Subsequent to quarter end, the company's high impact exploration program continued with the spudding of the Kauri well, a 7-kilometre stepout from the initial Rimu A-1 discovery well which tested 1,525 bopd and 4.5 MMcf of natural gas per day. Kauri is expected to intersect the oil bearing Rimu reservoirs at structurally higher elevations than the previous wells. This well is currently drilling ahead at 2,180 metres. Design and construction of the Rimu oil production and gas-processing facilities has begun. These facilities are initially designed to handle 3,500 bopd and 10 MMcf of natural gas per day and are expected to be completed and operational before year-end. The modular design of these facilities will allow the operator to increase the operating capacity at a later date to 7,500 bopd and 18 MMcf of gas per day. The operator (Swift Energy) has also announced an agreement to sell 38 Bcf of natural gas over a 10-year period to a New Zealand electricity generator, Genesis Power Limited.
Finding costs in New Zealand amount to C$2.27/boe based on an independent engineering report (January 1, 2001) on a proven plus risked (50%) probable reserve of 1.3 million boe net to Antrim's interest.
In Argentina, oil production rates from the Puesto Guardian field (Antrim 40% working interest) increased to 338 bopd for the first quarter 2001 from 307 bopd during the first quarter of 2000. However, significant new field operations were delayed due to seasonal rains. An independent engineering report indicates remaining recoverable reserves at January 1, 2001 were 1.6 million barrels (proven plus risked (50%) probable) net to Antrim's interest.
The deepening of the Chott Fejaj #3 well in Tunisia, has been delayed until later in 2001 due to the high demand for drilling rigs in the region. The Chott Fejaj #3 was previously cased and suspended at a depth of 3,532 metres (700 metres above the primary reservoir target). The deepening operation will penetrate the sealing salt section present at current depth and drill a large structural closure expected to contain Triassic and Paleozoic reservoirs. These objectives are prolific gas and oil producers in Algeria, Tunisia and Libya. Antrim has increased its working interest to 34.286% in this prospect.
In Australia, seismic reprocessing on WA-306-P has confirmed the Causeway prospect. Causeway is a 4,000-acre structural closure at the primary reservoir level (Jurassic sandstone). The structure is defined by a grid of closely spaced seismic data. Satellite imaginary has also identified natural oil slicks over the area of Antrim's permits (WA-306-P and WA-307-P: Antrim 37.5% working interest and Operator).
Antrim is committed to a strategy of growth through high impact global exploration supported by cash flow from an expanding production base. |
