Crown Point Ventures Spuds First Well in Argentina's Neuquen Basin
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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