The El Renegado x1 well encountered 12 meters of pay in the Lower Centenario sands at a depth of 620 to 632 meters. On a 24-hour test the well swabbed at an equivalent stabilized rate of 400 barrels of 19 API oil. Based on its experience with similar wells in the Lower Centenario trend Petro Andina believes that this well will be capable of initial production of approximately 375 barrels of oil per day.
The El Renegado x2 well encountered eight meters of pay in the Lower Centenario sands at a depth of 618 to 628 meters. The well is undergoing completion testing at rates equivalent to 360 barrels of oil per day. The Company expects this well will exhibit similar initial production performance and stabilized rates to the El Renegado x1 well. The crude quality and physical properties of these wells are expected to be similar to the Company's Lower Centenario wells at El Corcobo Norte (ECN).
The El Renegado discovery wells are located eight kilometers to the southeast of the Company's ECN processing facility, which is currently being commissioned.
The Gobernador Ayala Oeste x1 well, drilled approximately four kilometers to the southeast of the El Renegado x1 discovery also encountered the Lower Centenario reservoir, but the sands were wet and the well was abandoned.
The exploration drilling program is continuing in the area.
The Company was awarded the GA III Block on May 29th, 2007. Under terms of the joint venture agreement, Petro Andina will operate the GA III Block with a 70 percent working interest, while the other parties will share the remaining 30 percent.
Petro Andina is engaged in the exploration for and development and production of oil and natural gas in Argentina and, to a lesser extent, in Canada. The Corporation is continuing to develop its existing reserves and to conduct appraisal and exploration drilling on its 457,000-acre (260,000 acre net) land position in the Neuquén basin. Petro Andina is headquartered in Calgary, Canada.
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