Business
Madalena Provides an Operational Update on its International Assets within the Neuquén Basin
CALGARY , July 30, 2013 /CNW/ - Madalena Ventures Inc. (" Madalena " or the " Company ")...
About this update from Centaurus Energy Inc.
[{"type":"text","content":"\n\n\nCALGARY, July 30, 2013 /CNW/ - Madalena Ventures Inc. (\"Madalena\" or the \"Company\") (TSX-V: MVN), an international and Canadian (\"domestic\") focused\n upstream oil and gas company is pleased to provide the following\n operational update on its international assets.\n\n\nInternational Operations Update - Neuquén Basin, Argentina\n\n\nMadalena holds three blocks / concessions within the prolific Neuquén\n basin in Argentina and is moving forward to delineate its large\n in-place unconventional oil & gas resources within the Vaca Muerta shale and Lower Agrio shale, alongside tight sand plays in the Mulichinco and Quintuco formations and select conventional zones of interest. Madalena holds\n 135,000 net acres across the Coiron Amargo (35,027 net acres),\n Cortadera (49,600 net acres), and Curamhuele (50,400 net acres) blocks\n with an estimated 2.9 billion boe of net (45% crude oil and natural gas liquids), best case P50 contingent and\n prospective recoverable resources (as estimated by a recent Ryder Scott\n independent evaluation of Madalena's acreage).\n\n\nOn July 12, 2013, in the southern portion of the Coiron Amargo block (Madalena 35% working interest), the CAS.x-14 well commenced\n drilling with the primary target being the Vaca Muerta shale. Drilling\n is expected to take three to four weeks with completion operations to\n follow. The CAS. x-14 well is the first well of a multi-well program\n planned for the remainder of 2013 on the Coiron Amargo block.  After\n CAS.x-14, the next two wells to be drilled on the block include the\n first horizontal (CAN.xr-2h) into one of six Sierras Blancas\n conventional light oil pools discovered to date and a subsequent Vaca\n Muerta shale delineation well (CAS.x-15) in the southern portion of the\n block.  In addition, the shooting of two 3D seismic programs have been\n recently completed at Coiron Amargo Sur.  The Coiron Amargo block (both\n north and south regions) now have extensive 3D seismic coverage.\n\n\nAt Cortadera (Madalena 40% working interest), the Company has recently agreed with\n its partners on next steps to progress the block and plans to re-enter\n the CorS.X-1 deep test originally drilled and completed as a Vaca\n Muerta shale gas discovery in early 2012.  The CorS.X-1 location was\n cased to a depth of 4,500 meters with...