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Junior roundup: Azabache, LGO-Trinity, Madalena, Petroamerica

Bnamericas Published: Wednesday, November 26, 2014

Azabache Energy reached agreement with the government of Argentina's Neuquén province and its partner GyP to complete seismic and fracture stimulate existing and new wells at blocks Covunco and El Corte.

In a statement, the company also said its Colombian operations have been delayed by environmental issues.

***

Trinidad and Tobago-focused LGO Energy announced it signed a binding sale and purchase agreement to acquire 100% of the issued shares of Tabaquite Exploration & Production (TEPCL) from Trinity Exploration & Production.

"TEPCL is shortly expected to receive a license to the Tabaquite block, the most northerly onshore producing block, which contains a number of existing known producing oil and gas fields which LGO plans to reactivate and expand through new drilling," it said in a statement.

In a separate release, Trinity said "Tabaquite was a non-core asset and its sale allows better focus of the Group's resources at a time of considerable activity."

***

Madalena Energy, which holds acreage in five Argentine provinces, said it began operational planning related to the drilling of multiple high impact plays in 2015 focused on the Loma Montosa oil resource play, Sierras Blancas light oil pools, Vaca Muerta shale, Agrio shale, and liquids rich Mulichinco.

***

By end-December, Colombia-focused Petroamerica Oil expects to spud an exploration well at block El Portón and a development well at block Suroriente.

An exploration well is scheduled to be drilled at block LLA-10 next quarter, the junior said in a release.

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