(MENAFN- ProactiveInvestors)Madalena Energy (CVE:MVN OTCMKTS:MDLNF) issued its updated reserves as at end 2015 which showed an 8% increase in 2P (proved and probable) oil equivalent in Argentina. Earlier this month the group announced it was to sell its Canadian oil and gas assets in a share-based deal worth C$5.5mln. The firm's core business is now in Argentina where it holds over 950000 net acres across 12 blocks. It is focused on the large shale and unconventional resources in the Vaca Muerta shale Lower Agrio shale Loma Montosa oil play and the Mulichinco liquids-rich gas play. In Argentina the Proved plus Probable (2P) reserves have increased 8% to 9134 MBoe (million barrels of oil equivalent) from 8480 MBoe the firm revealed while consolidated oil and liquids now account for 78% of the 2P reserves - up from 72% last year. An independent assessment of contingent and prospective resources effective September 30 last year on three of its 12 blocks in Argentina showed the following: Best estimate contingent resources at the Coiron Amargo block of 91.5 MMBOE (152.4 MMBOE Unrisked); best Estimate Contingent Resources on the Valle Morado block of 75.3 Bcf (Unrisked 117.1 Bcf). Meanwhile on the Curamhuele block Lower Agrio shale Best Estimate Risked Prospective Resources of 99.4 MMBOE (Unrisked 365.4 MMBOE); Also on the Curamhuele block Vaca Muerta shale Best Estimate Risked Prospective Resources of 92.6 MMBOE (Unrisked 1157.1 MMBOE). The company and partners intend to drill and complete a Vaca Muerta horizontal multi frac well at Coiron Amargo in 2016 the firm said.
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