CGC in Argentina discovery

BUENOS AIRES, July 13, 2018 – Local E&P player Compañía General de Combustibles (CGC) has struck unconventional hydrocarbons in Argentina’s Austral Basin, the company said in a press statement on Thursday.

Tight gas was discovered with the Puma x-3 well, drilled to 1,960 metres in the Campo Indio Este-El Cerrito licence in the Santa Cruz province. The company said that potential gas reservoirs were located in the Magallanes and Anita formations.

CGC is now testing gas from the reservoirs, with plans to drill three more wells in the block before 2018 to assess the volumes and quality of the hydrocarbons.

Campo Indio Este-El Cerrito had been previously explored by Petrobras in 2006, but two wells were abandoned after being deemed noncommercial.

Earlier this week, Echo Energy, CGC’s partner in four other Santa Cruz licences, announced a natural gas discovery at the Fracción D block. Hydrocarbons were also discovered at their nearby Fracción C block in May and June.

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