La Miel Association Contract
Doreal Energy Corporation announced today that the Paraiso No. 1 exploratory well, reached a total subsea depth
of 2,638 feet and is being cased to 1,850 feet in preparation for testing two intervals (one interval behind the
slotted liner and the other interval behind the 7-inch casing). Electric logs indicated several intervals of potential
oil accumulation. The lower interval will be gravel packed and steam soaked for a period of approximately two
weeks. The upper interval will be tested by conventional methods. Final results from both zones should be
ascertained within three weeks.
Doreal has a 75% working and revenue interest in the 225,000 acre La Miel Association Contract and is the
Operator. Independence, SA is a 25% working and revenue interest partner in the project
Two other drillable prospects (and several promising leads) have been seismically identified within the
Association Contract and will be drilled after Paraiso testing is finished.
Tapir Association Contract
After overcoming drilling problems, the Mateguafa No. 2A appraisal well is currently drilling at 6,500 feet. It is
anticipated that the well will reach the objective Tertiary Carbonera C-7 sands at approximately 8,500 feet by the
end of this week.
Doreal has an 11.67% working and revenue interest in the entire Tapir Association Contract.
Lusitanian Basin, Portugal
The EDECO #35 drilling rig, and ancillary drilling equipment is being mobilized at the end of this week and
moved to the Aljubarrota No. 3 appraisal wellsite. The expected spud date is between March 15, 2000 and March
25, 2000..
Required drill time to reach total depth of 2,400 meters (8,000 feet) is 25 days or less. Completion time will be
another 10 days. This appraisal well will be drilled with air and with an underbalanced, closed circulation system.
Doreal's has a 21.25% working interest and a 19.64% revenue interest in the Aljubarrota Appraisal License.
Doreal Energy Corporation is an oil and gas company exploring and developing oil and natural gas reserves in
selected international ventures. Its key exploration projects are the Lusitanian Basin in Portugal, the Tapir oil
discovery in the Llanos Basin, Colombia and 225,000 exploration acres in La Miel, Middle Magdalena Valley,
Colombia. |
