Petrolifera to Begin 50-Well Drilling Program
Canadian oil and gas company Petrolifera Petroleum (TSX: PDP) is set to begin its 50-well drilling program planned for 2007 on its Puesto Morales-Rinconada concession in Argentina's Neuquen basin, the company said in a statement.
Petrolifera plans to drill its first well - RN.PM.a-1016 - approximately half a mile west of its 1010 well within a week and a half, Petrolifera president Gary Wine told BNamericas.
The company will then drill the 1021 well on the block's northern culmination, followed by one or more wells in the 1002/1012/1013 accumulation, the statement said.
Petrolifera also plans directional wells northeast of the 1019 and 1032 wells and several infill development wells for oil production and numerous gas wells to provide 20Mf3/d (566,000 cu m/d) through the company's prospective high-pressure natural gas pipeline.
The pipeline is expected to begin operations in 2H07.
The company's second contracted rig will be available later this quarter, with a third rig planned to begin operations once it arrives in Argentina.
Over the past month, Petrolifera has been carrying out workover and completion works on wells drilled in 2005 and 2006.
Among other developments, the company said test results of Sierra Blancas oil at the 1018 well were disappointing due to the poor reservoir quality encountered. However, log analysis of the gas-bearing Loma Montosa Zone 9 in the well is encouraging.
The company plans to test, complete and begin natural gas production on the well later this year once the high-pressure gas pipeline has been completed.
Meanwhile, completion of the company's onsite treatment facility has been delayed until the end of 2Q07 to reengineer and redesign water-handling capability in the area. The goal is to start up a water-injection pressure maintenance system this year.
Petrolifera has reduced its crude production to 11,000-12,000b/d from its December peak of 13,400b/d peak to reduce the venting of natural gas and for reservoir management.
The company also has completed its 250km, 3D seismic acquisition program over the southern area of the Puesto Morales block and other portions of the Rinconada block.
The program has resulted in "the early definition of numerous additional prospects and leads," the statement said.
Further, Petrolifera is studying the possibility of bidding on additional acreage in the region.
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