Petrolifera to Retain Argentinean Ops, Comments on La Pinta Testing
Petrolifera announced that the bids received in respect of its Argentinean operations were unacceptable. Accordingly, Petrolifera has concluded the sale process and will retain its assets in the country.
An ongoing capital program will be developed and initiated over the next several months to maximize production levels at Puesto Morales Norte and to fulfill modest remaining work commitments on its exploratory lands at Vaca Mahuida, Puesto Guevara and Gobernador Ayala II. A multi-well heavy oil drilling program has been underway at Gobernador recently and the results will be assessed to determine future exploitation opportunities.
In Colombia, Petrolifera has completed the testing of several zones in one formation at depth in the La Pinta well and is continuing its evaluation program of various uphole zones. The testing of the well has been problematic due to over pressuring, difficult hole conditions even though the well is cased, challenges with equipment failures compounded by the aforementioned issues and other factors. It is hoped the evaluation program of all important zones of interest, which can be tested in this well, will be completed shortly. At such time, definitive results will be communicated to our shareholders and capital markets.
Petrolifera anticipates providing its Q2 2009 and YTD 2009 operating and financial results to capital markets on August 6, 2009 and a conference call will be scheduled for the morning of August 7, 2009.
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Analyst Says USA Influence on Middle East Seems to be Fading
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally