Crown Point drills first oil and gas well in Tierra del Fuego, Argentina

Canada-based Crown Point Energy announced it has started drilling its first well in Tierra del Fuego, Argentina. Canada-based Crown Point Energy announced it has started drilling its first well in Tierra del Fuego, Argentina. The oil and gas exploration and production firm said it has 25.78 percent interest in Las Violetas Concession. The first well the company commenced drilling is one of ten on the Las Violetas Concession. The well will have a total depth of 2,200 meters, according to the company.

The company said it has planned for eight development wells in the Los Flamencos gas pool as well as one exploration well on the Puesto Quince prospect and one close to the southern San Luis natural gas pool, according to a previous release.

The term of the contract for drilling operations at the Las Violetas Concession is expected to last for one-year and could exceed that depending on the provisions for the term.

The company said it has also obtained services of a completion rig for the La Hoyada x-1 exploration well on the Cerro de Los Leones concession, which is scheduled to commence later in May.

"The completion program is targeting heavily fractured igneous intrusives in the Vaca Muerta oil shale formation," according to the release.

More information on the oil markets in Argentina can be found on PennEnergy's research area.

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