ExxonMobil Discovers Oil and Gas in Argentina Shale Well

  • Bajo del Choique X-2 well flowed an average rate of 770 barrels of oil a day on 12/64 choke
  • Discovery located in Bajo del Choique Block in Neuquén Province
  • ExxonMobil holds an 85 percent interest and Gas y Petroleo del Neuquén holds 15 percent
May 21, 2014 - 04:28 PM EDT

Dateline:

BUENOS AIRES, Argentina

Public Company Information:

NYSE:
XOM

Exxon Mobil Corporation (NYSE:XOM) announced today that its affiliate, ExxonMobil Exploration Argentina jointly with Gas y Petróleo del Neuquén, has discovered oil and gas in an unconventional shale well in Neuquén Province of Argentina.

Located in the liquids-rich area of the Vaca Muerta play, the Bajo del Choique X-2 well was drilled to a total measured depth of approximately 15,000 feet (4,570 meters). The horizontal leg of the well extends for 3,280 feet (1,000 meters).

The well was completed in the Vaca Muerta formation and flowed at an average rate of 770 barrels of oil a day on a 12/64 inch choke in its first flow test. Data analysis and additional studies are being conducted to fully evaluate this discovery. Appraisal wells will also need to be drilled before a commerciality decision can be made.

“Not all shales are alike, so our first ExxonMobil-operated discovery in the Vaca Muerta play is a very positive sign that the shale in this area of Neuquén Province holds great promise as a liquids-rich unconventional resource for Argentina,” said Stephen M. Greenlee, president of ExxonMobil Exploration Company.

Governor of Neuquén Jorge Sapag said, “I am pleased that the association between ExxonMobil and GyP is starting to deliver excellent results as expected by energy analysts on the potential of the Vaca Muerta formation in Neuquén.”

ExxonMobil is operator and holds 85 percent working interest in the Bajo del Choique Block. Gas y Petroleo del Neuquén holds 15 percent interest.

ExxonMobil Exploration Argentina holds interests in approximately 900,000 net acres in the unconventional shale oil and shale gas plays of the Vaca Muerta in Neuquén Province.

CAUTIONARY STATEMENT: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans, schedules, and capacities and ultimate recoveries could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments; reservoir performance; timely completion of exploration and development projects; technical or operating factors; the outcome of future commercial negotiations; and other factors discussed under the heading "Factors Affecting Future Results" in the Investor Information section of our website (www.exxonmobil.com) and in Item 1A of our most recent Form 10-K. References to quantities of oil include volumes that are not yet classified as proved reserves under SEC rules but that we believe will be produced in the future.

Contact:

Exxon Mobil Corporation
Upstream media relations, 713-656-4376