Crown Point has successfully completed EV 31 which is the fourth well of the 2011 drilling as a successful flowing oil well. To date this year, the Company has drilled, cased and completed four wells as successful oil wells at the El Valle field in the San Jorge Basin in Southern Argentina. Since commencing drilling operations at El Valle, the Company has drilled and completed ten wells with a 100% drilling and completion success rate.
The completion rig will be moving later this week to commence a work over operation on an EV 19 which was one of the first wells drilled by Crown Point at El Valle. Once that work over has been completed we expect to start completion operations on EV 27 which is currently drilling and is the fifth well of the current drilling program.
Completion Update: EV 31
Crown Point successfully completed a 4.0 meter thick section of the Canadon Seco formation in the EV 31 wellbore. This zone was perforated and fracture stimulated. The well during its evaluation period flowed oil through a 20 mm choke at a 24 hour extrapolated rate of 370 barrels per day of 100% oil.
Due to the excellent production test results obtained from the currently completed 4.0 meter Canadon Seco zone in EV 31, the Company has indefinitely deferred the completion of two additional highly prospective zones in the Canadon Seco.
Drilling Plans 2011-2012
This drilling program is part of a larger 20-25 well program to be conducted at El Valle over the next 24 months. Crown Point is planning to drill two to four more wells at El Valle prior to year end. At Canadon Ramirez the Company plans to drill 2-5 wells on its 100% interest exploitation concession over the next 12 months and one 50% interest well at Laguna de Piedra in the first or second quarter of 2012. At Cerro Los Leones Crown Point anticipates receiving the required environmental permits in the near term and plans to commence the shooting of the 3-D and 2-D programs shortly after receiving these permits. The completion and interpretation of the seismic program is expected to be followed by a 2-5 well 50% interest program in 2012.
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