- Crown Point Energy (CWV) updated on its drilling operations at La Angostura Concession, Tierra del Fuego (“TDF”)
- Crown Point and its partners drilled an appraisal well (SM a-1004) to evaluate the Tobífera formation and overlying Springhill formation on the western crest of the San Martín high
- Crown Point is a junior international oil and gas exploration and development company
- Crown Point Energy Inc. (CWV) remains unchanged, trading at C$0.30 per share as of 2:50 pm ET
Crown Point Energy (CWV) has provided an update on its drilling operations at La Angostura Concession, Tierra del Fuego.
San Martin Oil Field – La Angostura Concession (WI 34.74%)
Crown Point and its partners drilled an appraisal well (SM a-1004) to evaluate the Tobífera formation and overlying Springhill formation on the western crest of the San Martín high. The well is 2,097 meters deep. It is cased as a potential oil well with indicated log pay in fractured Tobífera volcaniclastics and Springhill sands.
An extensive completion and flow test program to evaluate the Tobífera was completed on May 10, 2022. The well was placed on production on May 11.
Following 15 day period, SM a-1004 has produced at an average rate of 815 (net 283) barrels of 34 API oil per day. It had a 0.3 per cent water cut at a flowing well head pressure of 160 PSI.
In May 2022, a workover was performed on SM a-1003 to perforate and evaluate the Springhill Formation sands. The well was drilled and completed as a Tobífera oil well and has since produced minor amounts of oil on an intermittent basis.
Preliminary swab testing of the overlying Springhill interval over 24 hours recovered 220 barrels of fluid. It comprised 90 barrels of light oil and 130 barrels of formation water (60 per cent water cut). The well will undergo a long-term pump test for further evaluation.
In May 2022, the San Martin oil pool production averaged 1,860 (net 646) barrels per day. San Martin oil production is trucked to and stored at the Total Argentina operated offshore loading facility located at Rio Cullen for subsequent sale into the international market or to truck to Enap (the Chilean state oil company) at its domestic oil facility located at San Gregorio, Chile. The sale price at both Rio Cullen and San Gregorio is indexed to the Brent oil price.
The company expects to complete and commission the construction of the 6 inch oil pipeline connecting the San Martin oil battery to Total’s Rio Cullen facility in Q3, 2022. The newly commissioned oil pipeline will negate the need for trucking and lower transportation costs.
Crown Point is a junior international oil and gas exploration and development company. The company’s exploration and development activities focus on three producing basins in Argentina, the Austral basin in the province of Tierra del Fuego and the Neuquén and Cuyo basins in Mendoza.
Crown Point Energy Inc. (CWV) remains unchanged, trading at C$0.30 per share as of 2:50 pm ET.
