Americas Petrogas has provided the following operations update on its Argentinean oil and gas operations.
The Company has announced the results of the first three exploration wells drilled in the Neuquen Basin, Argentina. API is partnered with Pampetrol, Enarsa and Raiser S.A.
The recently acquired and interpreted 3D seismic program on Medanito Sur block provided 14 drilling prospects. Three of these prospects were selected for the first round of drilling.
All three wells discovered light (30 degree API) sweet crude oil at depths ranging from 996 to 1419 meters. The El Puma X-1 well was drilled to a depth of 1420 meters and flowed 83 bopd from an 8 meter zone; the El Jabili X-1 well was drilled to a depth of 1220 meters and flowed 151 bopd from a net 9 meter interval; and the El Calden X-1 well was drilled to 996 meters and flowed 491 bopd from an 8 meter zone and 57 bopd from a second 8 meter zone.
All three wells have been cased and completed with flow and/or pumping equipment to place them on production. The Company intends to proceed with additional exploratory and appraisal drilling on the block and to assess commercial development options once the drilling results of these wells are integrated with the Company's 3D seismic database.
Commenting on progress, Barclay Hambrook, President and CEO, stated, "These three oil discoveries represent a significant achievement for Americas Petrogas Inc. as they confirm the hydrocarbon potential of the block. This sets the stage for future growth of the company. I congratulate our experienced technical and management team on their success and wish to thank our Argentinean partners and API shareholders for their ongoing support of the Company."
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