This well is the second of a six well drilling program at the El Valle field in the San Jorge basin.

The company said that the logs and samples taken while drilling indicate the presence of four principal zones in the Canadon Seco and Caleta Olivia formations with a combined potential pay thickness of 16.5m having an average porosity of 22%.

El Valle has three distinct productive sedimentary formations, which are the Canadon Seco, Caleta Olivia and Mina el Carmen.

Each of these formations may contain multiple discrete hydrocarbon bearing zones, the company said.