Americas Petrogas (BOE.V) edged lower after announcing the spudding of the first of 3 exploration wells on the Rinconada Norte Block. It said these wells will target conventional hydrocarbons in the Precuyo, which is the key producing formation in Medanito Sur, as well as other shallower targets. API is operator on the block and has a 65% Working Interest with partner Gran Tierra (35%).
The block is located immediately south of and adjoins Medanito Sur in La Pampa Province in the eastern region of the Neuquen Basin of Argentina. The planned well locations are on trend with current producing wells in Medanito Sur and adjacent blocks, and will test similar formations at similar depths.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
