Business
Petrolifera Petroleum provides operational update for Argentina; three rigs now working, fourth to arrive in Argentina in several days for use by early September 2007; second service rig contracted; several new wells drilling or tested, more results following completion of land tenders in mid-July 2007
Petrolifera Petroleum provides operational update for Argentina; three rigs now working, fourth to arrive in Argentina in several days for use by early September 2007; second service rig contracted; several new wells drilling or tested, more results following completion of land tenders in mid-July 2007.
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, July 4 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)\nannounced today that it currently has three rigs drilling new wells in\nArgentina and, as advised by the company's drilling contractor, Quintana\nDrilling, a fourth rig is scheduled to finally arrive in Buenos Aires,\nArgentina from China on July 9, 2007. A second service rig, presently in\nArgentina, has also recently been contracted by the company.\n\n\nPresently, the company is using Quintana Rig No. 6 to drill the PMOx-1001\nwell, at a location situated on the southern half of the Puesto Morales Block,\nwhich in turn comprises part of the Puesto Morales/Rinconada Concession in the\nNeuquen Basin, Argentina. This well is a Jurassic test and is located\nsouthwest of the Puesto Morales Sur field on a structure defined by\ninterpretation of the company's 3D seismic program, which was acquired in late\n2006.\n\n\nThe Quintana Rig No. 3 is currently drilling the RN a-1003 well, a\nsoutherly offset to the RNx-1001 Sierras Blancas discovery, which flowed light\ngravity oil to surface from the Sierras Blancas Formation at shallow depths\nwith a test rate of 690 bbl/d in June, 2007. Subsequent to the drilling of the\n1001 well, Petrolifera reentered and on test recovered crude oil from the\nRN.RRx-6 well, which had been suspended for over thirty years. Given the\nduration of the well's shut-in period and its geological characteristics, it\nwas determined a frac would be needed to assist well productivity. Although\nthe recovery of oil, results of pressure tests and subsequent analysis thereof\ncollectively were most encouraging, it was considered prudent to defer this\nprogram and to proceed with the conversion of Rig No. 3 back to drilling\nstatus to enable modern wells to be drilled and completed with a separate\ncompletion rig. This conversion was done and accordingly new drilling at the\n1003 location is proceeding. Numerous locations to follow up the 1001\ndiscovery well have been selected or are being prepared and continuous\nutilization of Rig No. 3 to drill new wells on the Rinconada Block and\neventually on the adjoining Vaca Mahuida Block is anticipated.\n\n\nRecently, Petrolifera was successful in securing a third rig from one of\nits business associates active in the general region. It is expected this rig\nwill be available to Petrolifera for the e...