Americas Petrogas announced that the Aguada Los Loros x-1 (ALL.x-1) unconventional, shale exploration well has reached total depth. The ALL.x-1 well was drilled on the Los Toldos I block (98,300 gross acres or 398 square kilometers or 154 sections) to a total depth of 3,217 meters or 10,554 feet and has been successfully cased and cemented. A complete suite of logs and conventional cores have been acquired. Casing has been successfully set to a total depth of approximately 3,213 meters or 10,541 feet in preparation for a planned well test. The well drilled through 562 meters or 1843 feet of the primary target Vaca Muerta Formation with oil and gas shows through most of the shale section. Hydrocarbon shows were also encountered in secondary targets. The ALL.x-1 location is approximately 10 kilometers (or six miles) south of the CLN.x-2 well (drilled and completed as a conventional well in 1979 by YPF in the Los Toldos I block).
The Company is expecting to begin detailed analysis of the cores and cuttings at international service company laboratories in Argentina and in the USA, in the near future.
After releasing the rig from the ALL.x-1 location (on Los Toldos I block), the rig is now being mobilized back to Los Toldos II to drill the next well within the farmout agreement between Americas Petrogas and ExxonMobil. The first well in the Los Toldos II block, LTE.x-1, was drilled earlier this year (38,400 gross acres or 155 square kilometers or 60 sections) and the testing on that well is ongoing.
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, "The Company continues to execute on its unconventional Shale oil and gas drilling program and prove-up its assets with partners ExxonMobil and Gas y Petroleo del Neuquen, and is pleased to report the rig is now moving back to Los Toldos II in order to drill another well with the Vaca Muerta as primary target."
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