Oil & Gas - Argentina - Crown Point to start Cerro Los Leones drilling by year-end

By Abigail Wilkinson?/?Business News Americas

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Canadian oil firm Crown Point Ventures (TSX-V: CWV) will drill its first two wells on the Cerro Los Leones block in Argentina's Neuqu?n basin towards the end of the year, CEO Murray McCartney told BNamericas.

Apart from primary conventional targets, the wells will also penetrate the Vaca Muerta shale formation. "We'll be coring and logging it and if we really like what we see, we may perforate and perform a flow test," McCartney said.

Crown Point increased its interest in the block to 100% last week after completing the acquisition of compatriot Antrim Energy's (TSX: AEN) Argentine subsidiary, also acquiring three concessions in the southern Tierra del Fuego province under the deal.

Crown Point has received environmental permits for "flagship asset" Cerro Los Leones and will start shooting 2D and 3D seismic this month to determine first drilling locations.

On the firm's El Valle block in the Golfo San Jorge basin, Crown Point has completed the third well of its 2012 drilling program as a successful flowing oil well, according to a release.

A total of 7-10 wells are planned for the El Valle program, McCartney said.

Crown Point completed a 2.5m thick section of the Ca?adon Seco formation on the so-called EV-36 well, which flowed at an average rate of 370b/d of 97% oil during its evaluation period of two days.

The fourth well of the program is drilling and near completion, while the completion rig is to recommence completion fracturing operations on the second well EV-33 this week.

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