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Target
Oil and Gas in Cretaceous Sediments; primarily a Glauconite Horizon of a Sub-basin to the San George Basin.
Comments
Marifil's wholly-owned Mina El Carmen property lies on the north flank of the Golfo San Jorge Basin and is about 30 kilometers north of the town of Comodoro Rivadavia, an important oil industry center in Chubut Province, Argentina. Marifil owns the hydrocarbon rights under its patented mining claims.
Overview
Twelve shallow wells were drilled on the property by private and government oil companies between 1928 and 1944, primarily to test a near-surface gas-bearing formation. Four of the wells have shut-in gas and two of the deeper wells reported oil and gas shows from deeper reservoirs. Several factors sharply limited the value of this early testing, including lack of technical ability, lack of seismic coverage, the use of now obsolete technology and placing wells where access was convenient rather than based on geology.
Oil and gas properties immediately to the west and southwest of El Carmen are currently producing 950 and 15,000 barrels of oil per day, respectively. Estimated potential resources associated with two prospective targets are on the order of 8.1 billion cubic feet of natural gas and 6.4 million barrels of oil.
These exploration targets, as initially defined, are five kilometer long structural traps aligned along and against a northwest-striking fault. None of the 12 historic wells properly drilled tested these traps.
Drilling to test the main oil exploration targets will require holes of about 800 m depth at an estimated cost of about us$400,000 per well.
Business / Work Plan
Marifil purchased the El Carmen property several years ago, but continues its primary focus on precious and base metals projects. In keeping with Marifil's corporate business strategy, the property is intended to be sold or find an experienced oil and gas company as a joint-venture partner to develop this hydrocarbon property.
Hectares
2,001
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