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Crown Point provides drilling and operational update at Tierra Del Fuego, Argentina

3/07/2014 by


Crown Point Energy Inc. advises that the second well of the Tierra del Fuego (“TDF”) drilling program, LF-1027, has been drilled and cased as a potential natural gas well. The well encountered approximately 16 metres of gross sand in the Springhill formation The initial completion operations of this well are expected to commence within a week.

The drilling rig is currently moving to the third location, LF-1024. Commencing in mid-July, a fracture stimulation program is expected to be performed on four producing wells in the Los Flamencos natural gas pool, and on the wells drilled during the current program that require fracture stimulations. A similar program undertaken in 2010 significantly improved deliverability from five wells in the Los Flamencos pool.

Management expects that production additions from the drilling and fracture stimulation program will commence in July and as a result, we expect to see rising production volumes and field sales receipts from the TDF area through to the end of the year. Financially, this is expected to have a positive impact on Crown Point’s operating results as natural gas prices continue to rise in Argentina and new production may allow the Company to access the benefits of the $7.50/MCF New Gas Subsidy Program on incremental production levels. Crown Point has not yet received approval for its participation in the New Gas Subsidy Program, but does anticipate receiving such approval in the near term.

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