27th May 2014 09:37
LONDON (Alliance News) - Andes Energia PLC said Tuesday it continues to see "substantial prospectivity" in its Vaca Muerta acreage in Argentina, highlighting activities from Exxon Mobil Corp and Crown Point Energy Inc in the region.
The company noted the drilling activities of US major Exxon Mobil in the Bajo del Choique area, close to Andes Energia's Corralera block. Exxon Mobil has drilled its x-2 well in the area to a total depth of around 4,570 metres, with an average flow rate of 770 barrels per day on a 4.7 millimetre choke.
Andes Energia said that its acreage was on trend with Exxon Mobil's reported flow rates.
It also noted Calgary, Canada-based Crown Point's recent drilling on the Cerro de los Leones Concession in the Neuquén Basin, which is close to its Marlague block and 40 kilometres east of its La Brea block. Crown Point drilled its La Hoyada x-1 well to a total depth of 1,953 meters and encountered oil and gas indications when drilling through the Vaca Muerta rock formation.
Shares in Andes were trading down 3.9% at 50.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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