Crown Point Ventures has commenced drilling the Calandria Mora exploration well in the Neuquen Basin, Argentina. This well will be drilled to a depth of 2,300 meters to test Aeolian sandstones of the Avile member of the Agrio formation. This formation has been proven to contain gas and condensates from a down dip well that was drilled in the early nineties. 3D seismic analysis estimates a possible pay zone of 28 meters as compared to the earlier wells' 4 meters of pay.
Under the Company's farm-in agreement with YPF S.A. the Company will pay 100% of the drilling and completion to a maximum of US $2 million to earn a 50% working interest in the block. Drilling is expected to take 25-30 days.
YPF is an oil & gas integrated company, leader in exploration, production, refining and marketing in Argentina. YPF S.A. is the largest producer of oil & gas in Argentina accounting for 47% of all production.
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