Americas Petrogas announced three conventional oil discoveries from the recently completed exploration drilling program on the Rinconada Norte Block in La Pampa Province in the eastern margin of the Neuquén Basin of Argentina.
The three exploration wells lie along a NE-SW line with RN.x-1004 in the center, RN.x-1001 to the SW and RN.x-1000 to the NE. The distance between the wells is approximately two kilometers. This wide separation can readily account for the differences in the results of the tests.
The first of these wells (RN.x-1004) was announced Sept. 12 as a significant discovery with 1,023 barrels of oil equivalent per day and gravity of 29.6° API (light oil) from the Precuyo formation. This is similar to the oil currently being produced from the same formation in Americas Petrogas' Medanito Sur Block immediately to the north. The intervals tested indicated an oil column of 60 m (197 ft). The total well depth was 1,150 m (3,795 ft).
The service rig then moved to the second well, RN.x-1001. This well tested 24 barrels of oil per day (b/d) plus 459 barrels of water in a 22-m (73-ft) thick sandstone at the top of the Precuyo formation. The oil gravity is 29.3° API. The total depth was 1,250 m (4,125 ft).
The service rig then moved to the third well, RN.x-1000. This well tested 87 b/d with 185 barrels of water from the top of the Precuyo formation. The oil gravity is 31.1° API. The total well depth was 1,050 m (3,465 ft).
All three wells are capable of production but only RN.x-1004 is likely to be in production during the fourth quarter 2011.
Americas Petrogas intends to drill additional wells in Rinconda Norte in the near future.
Americas Petrogas Argentina SA, is the operator of the block, holding a 65% working interest, while Gran Tierra, through its Argentina subsidiary, holds a 35% working interest.
Barclay Hambrook, president and chief executive officer, Americas Petrogas, stated, "Results of these exploration wells confirm the geological model as well as the upside potential of the Rinconada Norte Block."
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