The EV 24 well follows up the successful oil completions of the EV 22 and EV 23 wells.
The EV 24 well was successfully completed in three separate zones.
The first zone was a 3m zone in the Mina El Carmen formation, which produced oil at an 80% oil cut at rates of 100bbls of oil per day during the swab testing.
The other two zones were a 5m zone and a separate 4m zone in the Canadon Seco formation, which produced oil at an 80% and 93% oil cut respectively for rates of 205 and 241 bbls of oil per day during the swab testing.
The EV 24 well, like preceding wells EV 22 and EV 23 have created additional development drilling locations, which will be drilled in programs beginning later this year and in 2011.
Prior to the end of 2011, Crown Point expects to drill up to 12 more wells at El Valle, subject to financing and three to five of these wells are expect to be commenced either late this year or early in the new year.
