Gold Point Energy has reported that drilling operations on the Lomas de Guayacán x-1 well of the Martinez del Tineo Oeste Prospect have reached total depth at 2,264 meters in the Cretaceous Lecho formation. Oil and gas shows were observed in the well during the drilling of the Yacorite formation, which is the primary objective. The operator of the well, APCO Argentina Inc., plans to proceed with logging and evaluation of the well.
The Lomas de Guayacán x-1 well is the second of two exploratory wells to be drilled on the Capricorn License in Salta Province of Northern Argentina in 2007-08. The two exploration wells are part of a farm-in agreement dated October 4, 2006 between GP Energy, Antrim Argentina S.A. and APCO Argentina Inc.