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CALGARY _ Petrolifera Petroleum Ltd. (TSX:PDP), a Calgary-based company with operations in South America, said Tuesday it is one step closer to drawing oil from one of its fields in Argentina.
The company said it has activated its waterflood pressure maintenance project at Puesto Morales North in Argentina‘s Neuquen Basin, which will help the company recover crude oil from the ground in about six months.
The company estimates that it will take 18 months for the site to reach its optimal production level.
“The activation of the water injection plant is a significant milestone for Petrolifera. It was constructed against a back of energy and equipment shortages in Argentina and its completion is a credit to the company‘s operational staff and external advisers and consultants,‘‘ the company stated.
“More importantly, it is anticipated the waterflood will consequently impact on Petrolifera‘s light crude oil production in Argentina during 2008 and beyond.‘‘
Last month the company, which also has operations in Peru and Colombia, said a well on that site tested light gravity crude oil at a rate of about 1,500 barrels a day.
Petrolifera shares were down by about two per cent, or 17 cents on the Toronto Stock Exchange Tuesday, closing at $8.40