Magallanes ( Tertiary ) formationThis is the youngest and shallowest of the various oil/gas formations in the Austral Basin of Argentina.
It also has the highest probability of a substantial discovery.
Argentina's oil/gas production is declining, as mature fields are being pumped dry.
Pan American is amongst those with declining production in Argentina as is Sipetrol.
The Argentinian Govt is now offering attractive incentives to discover new sources of oil and gas.
RPT has a substantial claim block of 60sq km of Magallanes formation.
It has 3D seismics and mapped prospective targets.
And, it is looking for Argentian JV partners to develop its attractive claim blocks.
Sipetrol recently discovered a 22 million boe oil/gas field in the very same Magallanes formation and discoveries up to 300 million barrels are within the realm of possibility.
Drilling costs are cheap too.
And, while this is being done, RPT can concentrate on bringing back into production some of those 10 shut in wells.