Americas Petrogas has declared the new daily production heights of 2830 bopd or 450 m3 per day was achieved at Medanito Sur and Rinconada Norte on July 19, 2012. Subsequent to obtaining the 25-year licence for drilling in Medanito Sur, Americas Petrogas escalated its drilling efforts.
The success of the drilling endeavour is attributed to the wells being for exploration and evaluation in different plays on the block. This high exploration success rate augurs well for the future drilling results in this region of the Neuquen Basin.
The augmentation of the company’s production units to take care of 6300 bopd of oil from Medanito Sur is on-going and is anticipated to be finished by the fourth quarter of 2012. These units will somewhat mitigate the company’s hurdles due to storage and neighboring facilities and will enable Americas Petrogas to produce extra oil, currently behind pipe, using the productive capacity of the completed wells.
According to Barclay Hambrook, CEO and President of Americas Petrogas, the company has achieved considerable production growth, which increases the company’s funds flow from operations and reserves. This would enhance their capacity to explore for shale oil and gas and also take care of their usual operations. Hambrook further commented that Americas Petrogas is one oil production company in Argentina that is showing tremendous production growth.