Petrolifera Petroleum Limited announces that the 100 percent owned RN. PM. a-1016 well on its Puesto Morales Block in the Neuquén Basin, Rio Negro Province, Argentina has been tested and it is another flowing oil well.
After a short period of swabbing, the well commenced flowing light gravity crude oil from the Sierras Blancas Formation at the rate of 460 bbl/d. The well will shortly be placed onstream and add to current production and sales.
In addition, based on drilling results and log analysis, the well also has what appears to be an excellent natural gas bearing Loma Montosa Zone 9. This further confirms the aerial extent of this natural gas bearing zone, which will be developed by Petrolifera for commercial exploitation during the second and third quarters of 2007.
The RN. PM. a-1021 well, situated south of the 1003 original discovery well in this northern portion of Puesto Morales, is drilling ahead.