Canada-based Americas Petrogas has discovered four new production areas in three regions of the Medanito Sur block in Argentina.
The company has carried out drilling operations in exploration wells on the block from January to May 2013.
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The El Alpataco new production area, which is situated in the northwest region of the block, comprises a reservoir area similar to the one that was found in the El Jabali field and is offset by wells on adjacent blocks.
The El Calden Este area, which is located in the eastern portion of the block, has a reservoir area which comprises interbedded Cuyo Group sands and fractured pre-Cuyo basement.
Areas Amilcar and La Meseta are situated in the central region of the block and include two new discoveries in the fractured pre-Cuyo basement.
Americas Petrogas said the areas in both discoveries have to be delineated but are expected to hold large new drilling areas.
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By GlobalDataThe company’s output was about 2,200bopd in the first quarter of 2013, while it averaged 2,390bopd and 2,560bopd in April and May.
Americas Petrogas president and CEO Barclay Hambrook said the growth in production is anticipated to increase the company’s operating cash flows by more than in the first quarter.
The company has already received $11.9m in April, May and June to date from operating cash flows and oil plus cash flows.
"We are in a position to fulfil our capital plans for all of 2013 and well into 2014 without the need for additional equity funding," Hambrook added.
Americas Petrogas has joint venture partnerships with ExxonMobil and Apache on different blocks in the Neuquén Basin, Argentina.
The company also has an 80% interest in GrowMax Agri, which carries out exploration for near-surface potash and phosphates, while Indian Farmers Fertiliser Co-operative (IFFCO) holds the remaining 20%.
Image: Americas Petrogas has produced about 2,200bopd in the first quarter of 2013. Photo: Courtesy of Alan Murray-Rust.
