Argentina: Golfo San Jorge drilling planned

By OGJ editors
HOUSTON, Mar. 28
– Crown Point Ventures Ltd., Calgary, has spud the first well in a planned five-well development program at El Valle oil field in Argentina’s Golfo San Jorge basin.

Crown Point is participating as to a 100% capital interest in the program and will retain an 80% interest in production until it has recovered three times the costs to drill, complete, equip, and tie in the wells, after which it will hold 50% interest. Program cost is estimated at $6.25 million.

All five locations are selected based on Crown Point’s 3D seismic data. Four wells are follow-on development locations that resulted from the company’s 2010 drilling program in the southern part of El Valle. The fifth location was chosen to open a new drilling area targeting mainly the Caleta Olivia and Canadon Seco formations.

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