Canadian company Argenta Oil & Gas Inc. announces that it's subsidiary Argenta Energia S.A. reached an agreement with Hidrocarburos del Neuquen Sociedad Anonima (Hidenesa), the state-owned Neuquen oil and gas company, for a joint venture awarding Argenta 90% interest in El Corte exploration permit.
The permit covers 71,700 net acres in the Neuquen Basin – next to Covunco, Argenta's other field in Neuquen Basin.
"The El Corte Block has very good oil potential which will balance our gas potential of Covunco," said Claudio Larotonda, Argenta's president and CEO. "We are very excited about the prospects for these two properties, and we will likely integrate the development of the El Corte Block and Covunco Block as one major project."
Under the agreement for El Corte, Argenta will complete a three-year work program for the field, including getting 3D seismic data for 200 square kilometers of the property, which is estimated to be acquired in early 2008. The study will help to clarify the prospects within El Corte and affect the upcoming drilling program.
"The El Corte and Covunco Blocks are near significant producing oil and gas fields operated by Apache and Repsol," Larotonda continued.
Argenta Oil & Gas participates in exploration and production in the Neuquen Basin of Argentina and in Colombia's Lower Magdalena Basin.
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