CHUBUT PROVINCE, ARGENTINA

Overview

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BGX holds a 95% interest in the El Carmen hydrocarbon project in Chubut Province, Argentina, near the Atlantic coast. Located in the San Jorge Basin, the second-largest producing basin in Argentina, the region has proven oil reserves of 1 billion barrels, with only 35% fully explored. The area is a prolific producer with strong infrastructure, offering high exploration potential.

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Strategy

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The project's location offers proximity to existing and functioning pipelines in a well-established oil production area, enhancing its strategic value.  BGX aims to partner with an experienced oil exploration company, ideally one with operations in Argentina. Similar projects in Alberta, Canada, receive significant lease bonus payments, highlighting the commercial potential of El Carmen.

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Developments

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In April 2024, BGX initiated a comprehensive Environmental Impact Study (EIS) for the El Carmen Project, demonstrating its commitment to environmental responsibility and regulatory compliance.