Americas Petrogas Discovers Oil in Argentina Basin
Americas Petrogas announced a new light oil discovery on its Totoral block in the Southwestern region of the Neuquen Basin, Argentina. The discovery well, LHo.x-1, drilled and established oil production potential from the Vaca Muerta Shale in a new and large region, the Picun Leufu Sub-Basin, which extends over much of the Company's three southernmost blocks -- Totoral, Yerba Buena and Bajada Colorada (1,126,600 acres or 4,559 square kilometers or 1,760 sections).
President and CEO of Americas Petrogas Barclay Hambrook said, "This new exploration discovery is very exciting for Americas Petrogas as it adds significant exploration upside to a very large area where the Vaca Muerta formation could be produced at relatively shallow depths. I thank our team for their dedication and their decision-making, which were instrumental in this new discovery."
The LHo.x-1 well was drilled (approximately 6,234 feet or 1,900 meters total depth), cased and cemented in mid-2012. It intersected the Vaca Muerta Shale formation with thickness of 666 feet or 203 meters with oil and gas shows through the whole shale column. During drilling, hydrocarbon shows were also encountered and data acquired in the Mulichinco (299 feet thick), Quintuco (2,172 feet thick), and Quebrada del Sapo (190 feet thick) formations.
In January 2013, a three-stage hydraulic stimulation program was performed in the Vaca Muerta shale formation. After the initial clean-up flow back, the well produced through an electrical submersible pump during a 20-day test period at a total liquid rate of 300 to 600 barrels per day which included 30 to 60 barrels of oil per day (bopd) of high quality light sweet oil, 33 degrees API gravity. During this test period the well did not show any rate decline. Currently, the LHo.x-1 well is shut in for a Pressure Build-Up Test that will be followed by a test to determine the fluid contribution of each interval that was hydraulically stimulated. As well, core analysis and studies are still in progress.
Managing Director of the Company's Argentina operation Güimar Vaca Coca said, "This new discovery proves that the Vaca Muerta is over-pressured at a shallow depth and could increase the known extent of the Neuquén Basin, which could potentially increase hydrocarbon resources for Americas Petrogas, the Neuquen Province, and Argentina as a whole."
Americas Petrogas (Operator) holds 90% working interest on the Totoral, Yerba Buena and Bajada Colorada blocks and Gas y Petroleo del Neuquen has a 10% working interest.
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