Argenta Oil & Gas announced that the first appraisal well drilled on the Company's Loma El Divisadero property tested water from Chorreado Member (Huitrin Formation).
Victor Linari, Vice President of Geology and Geophysics commented, "The LEDO e-4 well was drilled approximately 50 feet lower than expected. As a result, the whole Chorreado Member appeared in this first well below the estimated oil/water contact. From a positive perspective, this well has confirmed the oil/water contact for the Chorreado play and most importantly this well also had significantly greater permeability than encountered in the previous wells that were drilled as the well flowed more than 400 barrels of water per day which indicates that had oil been found in this well, the flow would have been much better than the Company's pre-drilling forecast."
Claudio Larotonda, President and CEO stated, "Argenta and its partner Unitec Energy SA have decided to delay the drilling of the second well to incorporate the interpretation of the oil/water contact and a steeper structure with much better permeability to determine the best drilling location for the second well. The Corporation will make a further announcement as to timing of the second well when the analysis and interpretation has been completed."
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