Business
Petrolifera Petroleum Limited reports significant new field confirmation well on its Rinconada block in Argentina; Confirms continued drilling success at Puesto Morales; Provides Argentina update
Petrolifera Petroleum Limited reports significant new field confirmation well on its Rinconada block in Argentina; Confirms continued drilling success at Puesto Morales; Provides Argentina update.
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, June 5 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)\nannounced today that it has drilled a significant new field confirmation well\non its Rinconada Block which comprises a portion of its Puesto\nMorales/Rinconada Concession onshore in the Neuquen Basin, Argentina. The\nwell, RN.RR.x-1001, was drilled to a depth of just over 1,000 meters and on\ntest flowed light gravity crude oil through a 16 millimeter choke at a\nstabilized rate of 690 bbl/d from the Sierras Blancas Formation. Petrolifera\nhas labeled the well a new field confirmation well, as the region was modestly\nproductive for a short period of time during the early 1970's when it was\nowned by another operator, although none of the historical wells experienced\nproductivity anywhere near that recorded in Petrolifera's first well on the\nBlock. The 1001 well is the twentieth consecutive successful well drilled by\nthe company since it commenced drilling on the Concession in late 2005.\n\n\nBased on recently developed geological models and interpretation of new\n3D seismic acquired by Petrolifera in late 2006, the 1001 well is situated on\nwhat appears to be a significant stratigraphic/structural feature with\nsubstantial aerial extent approaching up to 90 square kilometers. The well is\na step out to the RN.RR.x-6 well, drilled in 1969 by the former state oil\ncompany of Argentina, which was suspended while still producing crude oil at\nlow rates. If possible, Petrolifera intends to reenter this well to attempt a\nrecompletion of the old well, using the Quintana No. 3 rig which is both a\ndrilling and completion rig. Thereafter, the company intends to pursue an\naggressive drilling program to develop the new field on initial spacing of\napproximately 160 acres, based on the high productivity experienced in the\n1001 well from adequately thick pay at shallow depths. If warranted in the\nfuture and depending upon the extent of the target reservoir and the quality\nthereof, downspacing to approximately 80 acres would be considered.\n\n\nThe 1001 well is important to Petrolifera in establishing a new field for\nthe company. It is situated approximately 20-25 kilometers to the east of the\nPuesto Morales Block. The success also raises Petrolifera's expectations for\nits recently-acquired Vaca Mahuida Block which is contiguous with the\nRinconada block t...