Madalena Energy Discovers Oil in Lower Agrio Shale, Argentina
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Madalena Energy Inc. has received the initial results of its completion and testing of the Lower Agrio shale formation on its 90 percent working interest operated block at Curamhuele in Argentina.
“We are extremely pleased with the results from this vertical exploration well at Curamhuele and oil discovery in the Lower Agrio shale. Ultimately this Lower Agrio shale play, like the Vaca Muerta shale, will be developed with Horizontal Multi frac wells which are expected to yield considerably more than a typical vertical well,” said Kevin Shaw, president and CEO.
Given the significant inventory of opportunities Madalena has at both Puesto Morales in the Loma Montosa light oil resource play and Coiron Amargo in the Vaca Muerta shale and Sierras Blancas light oil development, the company intends to actively pursue a strategic partner to help further delineate the Lower Agrio shale and Vaca Muerta shale resources and further assess the Mulichinco tight sand formation on the Curamhuele property.
The company has met its commitment to drill and complete the Yp.x-1001 well prior to September 2016 and will soon commence discussions with the Province of Neuquén and its 10 percent partner the provincial oil company, Gas y Petroleo del Neuquén S.A., to secure a new block contract allowing for further advancement of the property.
About Madalena Energy
Madalena is an independent, Canadian-based Argentina focused, upstream oil and gas company. Madalena holds more than 950,000 net acres in four provinces of Argentina where it is focused on the delineation of large shale and unconventional resources in the Vaca Muerta shale, Lower Agrio shale, Loma Montosa oil play and the Mulichinco liquids-rich gas play. The company is implementing horizontal drilling and completions technology to develop both its conventional and resource plays.
To stop by Madalena’s website, CLICK HERE
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