16 Aug 2011drilling progress report▲ GoodMajor
On August 10, 2011 the Salta government declared the company's bid for the Valle de Lerma block in Argentina the winner. The bid was made through South American Hedge Fund with partner Grasta SA, and SAHF holds 51% of the license interest and is operator. It follows the April 29, 2011 approval of the proposal. The approved first term is 406 work units over 3 years. Two capped wells drilled in the early 1990s exist; one tested at 20 barrels a day. The company plans an environmental study then reentry and workover once government clearance is given (expected August 15, 2011). This resolves the tender flagged in May.