FIELD ACTIVITIES / Casing Set on Harken's Islero #1 Well in Colombia
DALLAS, Dec. 11 /CNW/ -- Harken Energy Corporation (Amex: HEC)
announced today that it has successfully set intermediate casing to the bottom
of the hole at 7,616 feet on its Islero #1 well on the Cambulos Association
Contract Area of Colombia and expects to drill out into the Cimarrona
formation shortly. During the next five to seven days, the Company will be
modifying its drilling equipment in order to convert to an under balanced
drilling program for the remainder of the well's drilling phase.
Mechanically, the well bore is in very good condition. While the Company
has been drilling at a very slow rate per day during the last few weeks, there
have been no major technical problems. During the last few hundred feet of
the well's drilling progress, Harken's technical personnel have noted close
similarities of the well cutting samples to samples taken from surface
outcrops of the Cimarrona and other formations located just east of the
Islero #1 surface location. Additionally, most recent cutting samples from
the well show a change in formation to include small limestone samples which
indicate that the well might be nearing our target Cimarrona formation.
Mikel D. Faulkner, Harken's Chairman stated, "Although the drilling to
date on the Islero #1 has been deeper and more time consuming than originally
expected, the geological sequence in which the formations were encountered is
very encouraging to us. Our drilling should resume early next week. We are
very encouraged by these recent developments and will make announcements of
any key or material events as they occur."
Harken Energy Corporation ("Harken") explores for, develops and produces
oil and gas reserves domestically and internationally. Certain statements in
this news release regarding future expectations and plans for International
oil and gas exploration and development may be regarded as "forward looking
statements" within the meaning of the Securities Litigation Reform Act. They
are subject to various risks, such as the inherent uncertainties in
interpreting engineering data related to underground accumulations of oil and
gas, timing and capital availability, discussed in detail in the Company's SEC
filings, including the Annual Report on Form 10-K for the year ended
December 31, 1997. Actual results may vary materially.
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