Enap to Announce Lago Mercedes Drilling Results April 17

Lago Mercedes basin of Region XII
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Chile's state oil company Enap will announce on April 17 whether or not it has found gas reserves in the Lago Mercedes basin of the country's Region XII, Enap CEO Enrique Davila revealed to the senate mines and energy commission, according to a senate statement.

Enap will determine whether the potential reserves are commercially viable by the beginning of May, the statement said.

Drilling for natural gas in Lago Mercedes started in November 2005 and is being carried out by US-based Helmerich & Payne International Drilling (NYSE: HP). Enap signed a contract with the company in July 2005.

The statement also said the first geothermal drilling will take place in Region VIII's city Chillan in 2007 and the country will attempt to have the first geothermal plant up and running within two years.

The statement also highlighted the importance of Enap presenting an annual public account of its investment plans and results before congress, which will be scheduled in upcoming months.

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