Madalena updates exploration on three Neuquen blocks

Madalena Ventures Inc., Calgary, has provided an update of activity aimed at unconventional and tight formations on blocks in which it holds interests in the Neuquen basin of Argentina.

The company has interests in three blocks and is moving forward to delineate its large in-place unconventional oil and gas resources in the Vaca Muerta shale and Lower Agrio shale alongside tight sand plays in the Mulichinco and Quintuco formations and select conventional zones of interest.

Madalena holds 135,000 net acres including 35,027 net acres in Coiron Amargo, 49,600 net acres in Cortadera, and 50,400 net acres in the Curamhuele block.

The CAS.x-14 well was spudded on July 12 in southern Coiron Amargo with Vaca Muerta shale as the primary target. Drilling is to take 3-4 weeks. Madalena’s working interest is 35%. CAS.x-14 is the first of a multiwell program planned for the rest of 2013 on Coiron Amargo.

After CAS.x-14, the next two wells include the first horizontal, CAN.xr-2h, into one of six Sierras Blancas conventional light oil pools discovered to date and a subsequent Vaca Muerta shale delineation well, CAS.x-15, in the southern part of the block.

In addition, the shooting of two 3D seismic programs has been recently completed at Coiron Amargo Sur.  The Coiron Amargo block (both north and south regions) now has extensive 3D seismic coverage.

At Cortadera, Madalena has agreed with its partners on next steps to progress the block and plans to reenter the CorS.X-1 deep test originally drilled and completed as a Vaca Muerta shale gas discovery in early 2012.  CorS.X-1 was cased to 4,500 me with four zones of interest identified by log interpretation and analysis.

The reentry work involves moving uphole to perforate, fracture stimulate, and evaluate one or more uphole zones of interest in the Mulichinco (250 m thick), Quintuco (577 m thick) or Agrio formations.  Reentry operations at CorS.X-1 are planned to begin early in the fourth quarter of 2013. Madalena’s interest is 40%.

In follow-up to the recent Curamhuele block extension described in mid-June, Madalena is moving forward with RBC Capital Markets as its exclusive financial advisor to identify a potential joint venture partner to accelerate operations on the block and to unlock value in its unconventional shales, tight sand plays, and conventional zones of interest.  Madalena’s working interest is 90%.

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