- Target Oil and Gas in Cretaceous Sediments; primarily a Glauconite Horizon of a Sub-basin to the San George Basin.
- Hectares 2,001
- 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.
- The property comprises 4 patented oil claims
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.
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.
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.