FIELD ACTIVITIES / Seven Seas Petroleum announces Test Results
HOUSTON, Jan. 30 /CNW/ - Seven Seas Petroleum Inc. (Amex: SEV; Toronto:
SVS.U) announced today the completion and results of 33 days of production and
reservoir testing of its El Segundo No. 2-E well located on the Dindal
Association Contract (concession) of the Emerald Mountain project in Colombia,
South America. A maximum actual production rate of 5,381 barrels of oil per
day and 826 thousand cubic feet of gas per day were realized from a perforated
production interval of 314 feet in the Upper Cretaceous Cimarrona formation
encountered approximately 1168 feet low to the structural position of the
discovery well, the El Segundo No. 1-E. This actual production rate was
realized through the utilization of a downhole pump rated at a maximum
production level of 5,200 barrels per day. Production testing confirmed that
there was no evidence of any oil-water contact.
Of particular importance was the clear indication of interference or
pressure communication between this well and the El Segundo Nos. 1-N and 1-S
wells approximately 4.5 and 6.0 kilometers to the south, respectively. The El
Segundo 2-E's actual production rate and the interference data confirm a
significant extension of the reservoir to the north, with a consistently high
degree of permeability and productivity.
Seven Seas also announced that the Tres Pasos No. 2-E well, which had
been sidetracked at a depth of approximately 3,100 feet, was currently
drilling ahead at approximately 4,900 feet. The Tres Pasos 2-E well is
located approximately 9 kilometers north-northwest of the El Segundo No. 1
wells' surface location.
The Company further stated that completion work was continuing in an
effort to overcome mechanical problems encountered earlier on the El Segundo
No. 3-E well, located approximately 4.5 kilometers to the south of the El
Segundo No. 1 wells' surface location.
Statements regarding anticipated oil and gas production and other oil and
gas operating activities, including the costs and timing of those activities,
are ''forward looking statements'' within the meaning of the Securities
Litigation Reform Act. The statements involve risks that could significantly
impact Seven Seas Petroleum Inc. These risks include, but are not limited to,
adverse general economic conditions, operating hazards, drilling risks,
inherent uncertainties in interpreting engineering and geologic data,
competition, reduced availability of drilling and other well services,
fluctuations in oil and gas prices and prices for drilling and other well
services and government regulation and foreign political risks, as well as
other risks discussed in detail in the Seven Seas Petroleum Inc.'s filings
with the U.S. Securities and Exchange Commission.
Seven Seas Petroleum Inc. is an international oil and gas exploration and
production company. For more information, contact Herbert C. Williamson III,
Chief Financial Officer at 713-622-8218. |
