Area Drilling

ArgentinaConnacher Oil & Gas Ltd., Calgary, said its 61% subsidiary Petrolifera Petroleum Ltd. launched a bid to raise up to $7 million for Latin American operations.Proceeds of the offering were to be used to fund part of Petrolifera's expected $6.2 million in 2005 capital spending in Argentina where it holds the Puesto Morales/Rinconada concession and in Peru where it is negotiating to acquire two licenses. Petrolifera is near completing a 144-sq-km 3D seismic survey on the Argentine concession in the Neuquen basin and plans to drill 5 exploratory and infill wells and work over several wells this year.The Peru properties are 2 million acre Block 106 surrounding giant Corrientes oil ...

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