The well reached a depth of 549m after entering in the target formation, Yacoraite.
SAHF Argentina, a subsidiary of Delta Mutual, has carried out this drilling plan in association with local suppliers including M-I Swaco (a Schlumberger company), Geominera Vespucio for lithology sampling and Baker-Hughes International for the wire line-conveyed well logging.
In mid-August, the well manifested positive traces of natural gas and hydrocarbons of low-density quality through the sampling analysis, and is in its completion phase, which will take approximately four to five weeks.
The company submitted a production license application in June, and expects permanent license document in late September.
Following the submission of license, the secretary of energy informally suggested that the site’s status was favorable which should expedite the company’s receipt of the license.
Delta Mutual also said that its recent government approval of its admission into and participation in the JV partnership of Jollin and Tonono oil and gas sites has provided Delta further rights regarding the reserve documentation.
In the certificate of reserves prepared by the joint venture seismic program taken place in Jollin by the service company Wicap-Western Geco, the company will be included in the report of proven reserves to the secretary of energy.
This event will take place after the seismic report conclusion estimated in the fourth Quarter 2010.
The Morillo Area Seismic and Data Processing including area cut, leveling and topographic calculations for source and reception of the seismic data was performed in the contract terms signed in December, 2009 between Wicap and New Times Energy from Hong Kong.
The joint venture expected the conclusions of the study in the fourth quarter of 2010.
Delta said it maintains 9% property rights in both areas in the ‘carry-over’ mode for the complete investment program, and reported an investment of over $21m so far.
