Gold Point Energy reported that the Lomas de Guayacan x-1 well of the Martinez del Tineo Oeste Prospect has been cased and cemented based upon a combination of positive indications including oil shows observed during drilling, the results of logging and the results of sidewall coring. Possible pays include both sandstone and fractured carbonate intervals in the Yacoraite formation. The drilling rig is being released by the operator of the well, APCO Argentina Inc., and preparations are being made to bring in a completion rig to perforate and test possible productive intervals.
The Lomas de Guayacan x-1 well has been drilled to a total depth of 2,264 meters in the Cretaceous Lecho formation. It is the second of two exploratory wells to be drilled on the Capricorn License in Salta Province of Northern Argentina in 2007-08. The two exploration wells are part of a farm-in agreement dated October 4, 2006 between GP Energy, Antrim Argentina S.A. and APCO Argentina Inc.
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