Americas Petrogas announced the discovery of gas and natural gas liquids on its Aguada Los Loros well, ALL.x-1, a vertical well that was drilled on the Los Toldos I block (98,300 gross acres or 398 square kilometers or 154 sections) in central Argentina. The ALL.x-1, which completed drilling in 2012, intersected the Vaca Muerta formation (thickness 1844 feet or 562 meters) along with other secondary targets. The well was hydraulically stimulated with four stages in the Vaca Muerta shale formation in early 2013. The initial production of the Vaca Muerta shale formation, after the clean-up flow back, at depths between 8432 to 9609 feet (2570 to 2929 meters), increased from 1.3 million cubic feet (36,738 cubic meters) per day to 3.2 million cubic feet (90,418 cubic meters) per day of natural gas with 9 to 18 barrels of oil per day condensate (54-58 degree API) on managed choke sizes (4-6mm).
The well-head pressure declined normally during flow testing. This, in addition to core and other studies, will help the broad evaluation of the future productivity and the potential of the well and the reservoir. Currently the well is shut-in for a Pressure Build-up test.
Barclay Hambrook, president and CEO of Americas Petrogas said, "We are very excited with the results of this test showing strong sweet gas rates and increasing rates of high quality condensate in a very large block. We continue to de-risk our shale blocks, potentially adding reserves, and we are encouraged with the potential of our Los Toldos blocks."
"Located approximately one kilometer from a major gas pipeline, this project may be very valuable to help restore Argentina's gas self-sufficiency," Güimar Vaca Coca, managing director of the Company's Argentina operation, said.
Americas Petrogas is the Operator of the Los Toldos blocks and holds a 45% Work Interest. ExxonMobil also owns a 45% Work Interest with the remainder held by Gas y Petroleo del Neuquen.
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