Canoel International Energy Ltd. report that its wholly owned subsidiary Petrolera Patagonia Srl is planning to commence drilling operations in Argentina within the second quarter of 2012.

Two development wells are planned in one of the two fields (the Don Alberto field) operated by Petrolera near Comodoro Rivadavia in the province of Chubut, Argentina. These two initial wells will target the Glauconitico Unit (a shallow marine sand of Paleocene age) and the Valle C and El Trebol Units (fluvial sands of upper Cretaceous age) at a total depth of approximately 1,000 meters.

Drilling of these two wells will represent the initial phase of a broader plan involving eleven development and exploratory locations. The second phase will target deeper formations, including the lower Cretaceous Mina del Carmen fluvial sands at an expected depth of 2,100 meters.

Tags: Canoel International Energy Ltd