Crown Point Ventures has completed the drilling of the third well of a three well exploration drilling program at El Valle in the San Jorge basin of Argentina and is casing it as a potential multiple zone oil well.

The EVx-20 well has been logged, evaluated, and cased as a potential oil well. Among the numerous potentially hydrocarbon bearing zones of interest are three separate zones in Canadon Seco formation with thicknesses of four, seven and 6 meters respectively. In addition, the well encountered several potential hydrocarbon bearing zones in the deeper Mina El Carmen formation.

"This is the third well that Crown Point has drilled on its El Valle block, with all three wells containing highly prospective zones of interest," said Murray McCartney, President and CEO. "We are pleased that our drilling operations have yielded three cased potential oil wells, we are looking forward to completing the wells to confirm the quantity and amount of hydrocarbons present. All three locations show potential for significant development programs."

The first well drilled in the three well program was EVx-19 this well has been logged, evaluated, and cased as a potential oil well. Among the potential hydro-carbon bearing zones of interest are two significant zones. The first zone encountered five meter thick sandstone in the Caleta Olivia formation. Analysis of the wells logs and drilling samples indicate that it is prospective of containing light oil. The second zone of interest in the Canadon Seco is four meters in thickness. Logs and drilling samples indicate that this zone is prospective of containing a medium grade of oil. In addition to these zones were several other zones in the Canadon Seco formation.

The second well was EVx-21 which has been logged, evaluated, and cased as a potential oil well. Among the numerous potential hydro-carbon bearing zones of interest are two significant zones. The first zone encountered four meter thick sandstone in the Caleta Olivia Member of the Canadon Seco Formation. Analysis of the wells logs and drilling samples indicate that it is prospective of containing light/medium oil. The second zone of interest is three meter thick sandstone in the Mina el Carmen formation. Logs and drilling samples indicate that this zone is prospective of containing a medium grade of oil.

Tags: Crown Point Ventures Ltd