The company continues to process captured 3D seismic data from Tapi Aike, it said in a statement on Tuesday.
It has now narrowed its list of possible well locations to five areas, of which one will be the site of the first well, La Vanguardia x-1.
Up to four wells will be drilled in what will be the first drill programme at Tapi Aike.
The explorer plans to drill La Vanguardia x-1 down to around 3,000 metres with drilling expected to start in the fourth quarter.
"I am pleased to report that we continue to make good progress as we prepare for the start of the Tapi Aike drilling campaign,” said Martin Hull, chief executive.
“The La Vanguardia x-1 well will be the first of a proposed four well drilling programme on the Tapi Aike asset, which has the potential to deliver material value for the Company and its shareholders.
“We look forward to providing further updates as we continue to refine the subsurface analysis of the basin and progress with drilling preparations."
La Vanguardia x-1 will be located in the Tapi Aike’s Eastern ‘cube’, meanwhile work also continues for the processing of seismic data from the Western ‘cube’.