CURAMHUELE, MADALENA'S BEThttps://www.runrunenergetico.com/curamhuele-la-apuesta-de-madalena/ CURAMHUELE, MADALENA'S BET JUNE 7, 2019
The Canadian firm has many expectations in the northern area of Vaca Muerta due to the proximity to El Trapial.
The Curamhuele area generates many expectations in Madalena Energy. It is because of the proximity to El Trapial that Chevron operates and is one of the most promising deposits in the northern area of Vaca Muerta. The Canadian firm managed to extend the contract there for three years and it is the big bet in the medium term.
Currently looking for a partner to finance the exploratory works. According to sources from Madalena, Chevron recently announced an investment of 200 million dollars in El Trapial. " This is extremely important for Curamhuele, because they are drilling these wells very close to where our blocks are located," explained Jos Penafiel, CEO of the firm.
Weeks ago Madalena Energy presented a balance sheet for the first quarter of the year in its areas of the Neuqun Basin regarding its investments. One of the main axes of consultations was the area located in non-conventional lower Agrio formation.
One of the concerns was about the strategy in the sector and the possibility of finding an investment partner in the short term. "In Argentina, the jewel in the crown is, according to my understanding, El Trapial, where it has a majority interest (...) so this is a good omen for Curamhuele and for Madalena. What they are doing is risking our surface for us, "he explained.
The CEO also made reference to the Coirn Amargo Sur Este (CASE) area that he shares with Pan American Energy (PAE). Last month they started the first horizontal four-well program. "It has been an extremely significant milestone that marks the beginning of the block development phase," said Penafiel.
In Argentina the jewel in the crown is, according to my understanding, El Trapial, this is very good augury for Curamhuele and for Madalena. "
Jos Penafiel, CEO of Madalena.
According to Madalena's geological report, the area has 90 million barrels of net resources. "The current drilling program will generate significant value growth as we begin to convert those resources into reserves," Penafiel added. The program has an investment of 40 million dollars.
The CEO confirmed that the main objective is to focus on oil. "We see more value there and we continue to see that downward pressure on the gas due to the effects of seasonality."