Madalena Ventures Inc. (TSXV:MVN) announced updates for its Neuquen Basin Project in Argentina and for its Greater Paddle River Core Area.
As quoted in the press release:
In Argentina, exploration and delineation activity continues on the Company’s large petroleum in-place unconventional shales and conventional tight sand plays. In the southern portion of the Coiron Amargo block (Madalena 35% W.I.), Madalena continues to define and quantify the Vaca Muerta shale potential on the block with the recent drilling of the CAS X-5 exploration well. The CAS X-5 location was drilled to a total depth of 3,400 meters (or 11,155 feet) and encountered hydrocarbon in the Vaca Muerta as expected. CAS X-5 has now been cased with approximately 100 meters of Vaca Muerta shale on logs and an average total organic content (“TOC”) over the 100 meter section of over 4%, confirming the high quality of the Vaca Muerta on the block. Based on technical information gathered to date, Coiron Amargo has some of the highest TOC content within the Neuquen basin, and based on core data on the block, the lower Vaca Muerta at CAS X-5 is expected to have approximately 7% porosity.