9th Mar 2015 10:14
LONDON (Alliance News) - Andes Energia PLC said Monday that it is encouraged by results from fracking at its Las Varillas x-1 well on the El Manzano West block in Argentina.
The well was drilled and cased in February 2014 to a total depth of 2,393 metres, and encountered 125 metres of gross pay in the Vaca Muerta formation. It was fracked and tested in early 2015, and Andes said that after the clean-up of the well and during the initial two day testing period, it produced an average rate of 90 barrels of oil per day at 23 degrees on the American Petroleum Institute's scale measuring the heaviness of crude oils.
This denotes it has a medium heaviness.
Following the installation of an artificial lift system, the well flowed at an increased rate of 108 barrels per day. The well is currently continuing in production, and works are being carried out to increase productivity, Andes said.
"We are very encouraged with the results of Las Varillas x-1 well, which represents our fourth discovery and test in Vaca Muerta and our second well currently producing from Vaca Muerta, as well as with the consistency of the positive results in all the wells we have drilled across the basin. We believe the future for the development of our acreage in Vaca Muerta is extremely positive," said Chairman Nicolas Mallo Huergo in a statement.
Shares in Andes Energia are trading up 5.0% at 22.58 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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