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admin

04-21-2015, 10:43 AM


Curamhuele


CURAMHUELE: High Impact Unconventional Plays

  • This block is located in the Northwest Basin of Argentina

  • MVN is the operator with 90% W.I. (50,595 net acres); GyP 10%

  • High-Impact Plays including the Vaca Muerta shale, Agrio shale and Mulichinco liquids-rich resource play

  • Additional exploration potential in conventional zones

  • Significant legacy infrastructure and facilities nearby

  • Appraising two large-in-place unconventional resource plays in 2015 with drilling completions and frac programs to test the Agrio Shale (oil) and Mulichinco (liquids-rich gas)

  • Evolving area in the basin (Chevron, YPF, Total S.A. & Exxon drilling offsetting wells)

  • Ryder Scott has assigned substantial prospective resources (see above)

admin

04-21-2015, 10:49 AM
  • Curamhuele contains three different resources, the enormous Vaca Muerta shale, the Agrio shale and the Mulichinco liquids-rich resource play.
  • The company will re-enter (frac and test) the CH.x-1 well in the Lower Agrio Shale oil resource. The well did already flow 75bbl/d unstimulated.
  • YPF discovered significant quantities of oil in the offsetting Filo Morado block directly north to the company's Curamhuele block

admin

04-21-2015, 10:52 AM


Exxon Mobil touts Vaca Muerta well near Madalena's Curamhuele block


18th Nov 2014, 10:32 am by Deborah Bacal

Exxon's bullish outlook on Argentina as well as improving macro factors could influence shares of Madalena, which is well positioned for the anticipated rebound in the Argentina energy market.

Exxon Mobil (NYSE:XOM) has called its Bajo del Choique X-2 well "one of the best" in the Nequen Basin of Argentina, with the well located near Madalena Energy's (CVE:MVN) Curamhuele block.

In an interview with Petrolnews.net, Thomas Hess of ExxonMobil said he sees a promising future for the Vaca Muerta shale in Argentina. He discussed the area in context of low oil prices, and said that investments made in unconventional oil and gas are made with a long-term outlook and that current prices should not be a deterance.

Argentina is estimated to hold 27 billion barrels of technically recoverable oil and 802 trillion feet of technically recoverable shale gas, much of it attributed to the prized Vaca Muerta shale formation in the Neuquen basin, the fourth largest shale oil deposit in the world.

The country is becoming more investment-friendly, with a new hydrocarbon law approved last month to boost oil investment in the famous Vaca Muerta shale, spelling out greater transparency and improved fiscal terms in Argentina.

Hess noted that the Bajo del Choique X-2 well tested 770 barrels per day from the Vaca Muerta, the highest unconventional oil production rate test in Argentina, which offsets Madalena's Cuamhuele block. 

Madalena has a total of 14 concessions across Argentina over 1 million net acres of land, with a major foothold in the area dominated by industry majors such as YPF, Chevron, Total, Exxon and several others.

Exxon's bullish outlook on Argentina as well as improving macro factors could influence shares of Madalena, which is well positioned for the anticipated rebound in the Argentina energy market.

Shares of Madalena were trading at 33.5 Canadian cents on Tuesday.

admin

04-21-2015, 10:59 AM


CHEVRON'S POSITIVE COMMENTS ON ARGENTINA VM SHALE


Chevron hosted an investor day conference call yesterday  http://edge.media-server.com/m/p/qudsrzjc/lan/en which included some positive comments on the shale potential in Argentina.

Chevron plans to drill 4 wells targeting the Vaca Muerta shale on its El Trapial block.  In Figure 1, we show that  Chevron’s El Trapial block is located directly west to MVN’s Curamhuele block and directly east of BOE’s Los Toldos II block and north of Los Toldos I.  MVN is also hearing that Chevron has drilled a very nice well adjacent to the Curamhuele block at location ET.x-2006 in the VM and that it is producing at significant rates.

Successful production tests of the VM shale and other shales by Chevron on its El Trapial block could increase interest in MVN’s Curamhuele block (90% W.I.).  MVN continues to seek JV partners which we believe could be a key catalyst for the stock.  Later this year, MVN plans to re-entre and test the CH.x-1 well on the Curamhuele block which flowed ~150 bbl/d, with no stimulation from a 225 metre thick Lower Agrio Shale section.

Drilling success by Chevron on El Trapial could also be positive for BOE who holds a 45% interest the offsetting Los Toldos blocks and a 90% interest in the Loma Ranqueles block.   
 
Below is the transcript that discusses Chevron’s plans for the VM shale in Argentina:

  • 140 VM wells in 2014: Progress is being made to develop the Vaca Muerta shale, the shale is thick and laterally extensive.  Initial well tests indicated that this is a world class shale play and approximately 140 gross wells will be drilled in 2014.
  • 80,000 bbl/d by 2017:  Production is expected to grow to around 80,000 bbl/d by 2017, half of which will be Chevron’s share
  •  Four wells at El Trapial: The VM shale also underlays our existing El Trapial assets (Figure 1) in Argentina where we are testing four exploration wells in 2014 to further assess the shale potential.
  • These plays all have exploration and development opportunities and will contribute valuable growth through the decade.


Figure 1.  Chevron’s El Trapial block, located near to MVN and BOE blocks.

jem-figure-1

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