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OPERATIONS | PUESTO POZO CERCADO |
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The Puesto Pozo Cercado is, as Chañares Herrados field,
located within a few kilometres from the regional oil refinery
owned and operated by Repsol-YPF in Mendoza.
The license initial term of twenty five (25) years started in
1992 thus, its expiration will occur in 2017. It may be extended
for an additional term of ten (10) years subject to due compliance
with the Hydrocarbons Law requirements and approval by the National
Executive Branch.
The Puesto Pozo Cercado license covers approximately 42,000
acres, four times the size of the Chañares Herrados license,
and represents a highly-attractive low-risk exploration upside.
In 1982, YPF drilled well PPC-X2 in the Puesto Pozo Cercado
license area to the deeper (15,000 ft) Potrerillos formation.
It produced 12,000 BOPD providing an aggregated production of
1,100,000 Bbls. In 2004, PETSA shot a further 80 km2 of 3D seismic
increasing the surveyed area to 70% of the total of Puesto Pozo
Cercado acreage and intends to drill several exploratory leads
identified by the interpretation of that seismic data.
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