Americas Petrogas announced that drilling has commenced on the Aguada Los Loros x-1 (ALL.x-1) unconventional, shale exploration well on the Los Toldos I block (98,300 gross acres or 398 square kilometers or 154 sections) located in the Neuquen Basin of Argentina. This is the second well within the farmout agreement between Americas Petrogas and ExxonMobil Exploration Argentina ("ExxonMobil") that was announced in 2011 and the fourth shale oil and gas well on the Company's assets in the Neuquen Basin. The ALL.x-1 well, a vertical well, is planned for drilling to a total depth of approximately 10,825 feet (3,300 meters) with the principal target being the Vaca Muerta shale. The ALL.x-1 location is approximately 6 miles (10 kilometers) south of the CLN.x-2 well (drilled and completed in 1979 by YPF in the Los Toldos I block).
The first well within the farmout agreement, LTE.x-1, was drilled earlier this year on the Los Toldos II block (38,400 gross acres or 155 square kilometers or 60 sections) and the cores and logs continue to be analysed at international service labs to design the fracing and testing plan for that well.
Americas Petrogas is the Operator holding a 45% working interest in the Los Toldos blocks; ExxonMobil also holds a 45% working interest, with the remaining 10% held by Gas y Petroleo del Neuquen ("G&P").
Mr. Barclay Hambrook, President and CEO of Americas Petrogas said, "We are moving forward with de-risking our shale blocks and are pleased about our progress on this joint venture with ExxonMobil and Gas y Petroleo del Neuquen. The first well has good indications and now we are onto the second well targeting the rich, thick Vaca Muerta shale formation. Upon completion of drilling of this well, the drilling rig is expected to be moved back to Los Toldos II block to drill the 3rd well under the joint venture agreement with ExxonMobil."
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