Madalena Ventures discovers oil and gas in Argentina's Neuquen basin


Madalena Ventures discovers oil and gas in Argentina's Neuquen basin

CALGARY-- Madalena Ventures, and its wholly owned subsidiary Madalena Austral provided an update on its drilling operations in the Neuquen basin, Argentina.

On the Coiron Amargo Block, where Madalena has a 35% working interest, the CAN-8 development well has been cased to a total depth of 10,433 ft.Following the successful drilling of the CAN-8 location and a review of the well data gathered including electric logs, oil and gas has been encountered in both the unconventional Vaca Muerta shale and the conventional Sierras Blancas zones of interest.

The Vaca Muerta formation interval encountered by the well was approximately 340 ft thick and in the Sierras Blancas formation the well encountered an approximate gross hydrocarbon column of 98 ft. Completion and testing in the Sierras Blancas formation is expected to commence in early 2013. Upon a successful test, the CAN-8 location is expected to be tied in and placed on production in Q1 2013.

The drilling rig is now moving to the southern portion of the block Coiron Amargo Sur to drill the CAS X-5 exploration well which is located on the west side of the block approximately 10 km west of the CAS X-2 location. The CAS X-5 location is also near an older well on the block which reported recovery of an estimated 38 bbls of 38 degree API crude oil during a 6-hour drill stem test within the Vaca Muerta shale formation. This vertical well is scheduled to be drilled to 11,150 ft in depth and has objectives to both, further delineate the unconventional Vaca Muerta shale in the south west portion of the block and target the conventional Sierras Blancas horizon. The CAS X-5 well is expected to reach total depth in January 2013.

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