PetroMagallanes Unlocks Hydrocarbons in Chilean Block

PetroMagallanes confirmed the discovery of hydrocarbons in the Springhill Formation in the Josefina Oeste-1 well in the Caupolicán Block, located on Tierra del Fuego. Elsewhere in the Caupolicán Block, PetroMagallanes confirms the ongoing well testing program at Rio del Oro 1A has resulted in the discovery and flow of hydrocarbons from multiple reservoir zones.

Alberto Harambour, PetroMagallanes spokesperson advised, "These petroleum discoveries at Josefina Oeste-1 and Rio del Oro 1A follow the discovery at Clarencia 1A and, taken together, are particularly significant. PetroMagallanes considers that the discoveries, which involve multiple producing zones at three separate locations in the Block, provide a sufficient proven hydrocarbon base for commercial development of the Northern Caupolicán Block."

Gas from this area can be piped to the GASCO owned facility in the Clarencia area for metering, odorization and distribution south to Porvenir. All discoveries have been funded to date solely by PetroMagallanes.