Petrolifera anticipates drilling approximately 20 wells on its Puesto Morales/Rinconada concession prior to the end of 2006. The primary objective of the wells will be to evaluate the oil-bearing potential of the Sierras Blancas and Punta Rosada Formations, although all wells will penetrate the Quintuco Formation, which is also hydrocarbon-bearing in the region. A second drilling rig is scheduled to arrive in October.
Petrolifera expects to report its second-quarter and first-half 2006 operating and financial results on August 8.
Petrolifera is a Calgary-based oil and natural gas exploration and production company. It owns 100 percent of the Puesto Morales/Rinconada concession in the Neuquén Basin onshore Argentina. The company also owns 100 percent of and operates over 5 million acres in two licenses in the Maranon and Ucayali Basins onshore Peru. The company is currently producing between 6,500 and 7,000 bbl/d of light crude oil, primarily flowing through restricted chokes from four wells situated on its concession in Argentina. Expanded permanent facilities, including a new pipeline, are presently under construction with a targeted startup around October, 2006.
Most Popular Articles
From the Career Center
Jobs that may interest you