Issues drilling update: Test of Santa Rosa Formation confirms presence of significant hydrocarbon accumulation in the range of 1-5 TCF
- Lapacho well flows condensate and gas from the Santa Rosa Formation
- Management now have enough evidence to view commercialisation potential of Santa Rosa
- Test of Santa Rosa Formation confirms presence of significant hydrocarbon accumulation in the range of 1-5 TCF plus associated condensate in the greater Lapacho area
- Light oil/condensate discovery confirmed at the shallower Icla Formation at Lapacho by logs and cores. However, a valid flow test was not possible due to bore hole annulus communications with overlying Pirgua formation
- Basin-wide President acreage position holds 1-4 billion barrels gross unrisked Prospective Resources