"The Yacimiento Norte 1/B Block is strategically located along a highly prolific oil-producing trend in the Yacoraite sandstone. It is situated adjacent to the Puesto Guardian Block which has oil production from the Yacoraite. Our plan is to utilize 3D seismic to guide a drilling program in search of any extensions of the hydrocarbon bearing Yacoraite sandstone onto the Yacimiento. Success with this plan would be a major step towards realizing our business objectives in Argentina." Stated Jack Steinhauser, President and CEO.
Under the terms of the farm-out agreement GP Energy has committed to pay 50% of a $1 million, 60 square kilometer 3D seismic program plus 50% of a $2 million, 2300 meter test well to earn a 25% working interest in the Martinez del Tineo Oeste Prospect. Following the drilling of the Martinez del Tineo Oeste Prospect, GP Energy shall have the option to earn a 25% interest in the entire Yacimiento Norte 1/B Block by funding 50% of the acquisition of up to 300 square kilometers of 3D seismic and 50% of the costs of two exploratory wells. Previous 2D seismic surveys have revealed numerous potential oil-bearing structures on the Block.
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