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"IVANHOE ENERGY INC ("IE-T;IVAN-Q") - Ivanhoe And Aera Energy To Test Potential California Gas Discovery
Three potential zones of hydrocarbon-bearing sand totaling 240 gross feet have been located in Ivanhoe Energy's first joint-venture exploration well on the western flank of the Belgian Anticline field in California's San Joaquin Basin. Aera Energy LLC, Ivanhoe's joint-venture partner and the operator, has run casing in the well and will begin testing later this month to establish whether it has commercial potential.
The Aera-Ivanhoe joint venture well, Aera Belgian Anticline 1-18, was drilled to a total depth of 4,855 feet. Wireline logs were run between 1,446 feet and 4,855 feet in the well last week. The shallowest zone, in the Carneros section of the Temblor Formation, had mudlog shows and indicated hydrocarbons on logs beginning at 1,460 feet. An intermediate zone, in the Phacoides section of the Temblor, had mudlog shows and indications of hydrocarbons beginning at 2,020 feet. In the deepest zone, in the Point of Rocks formation, the well encountered shows and indicated hydrocarbons on logs beginning at 3,254 feet.
Ivanhoe owns a 40% working interest in leases and options covering a total of 3,100 acres in the Belgian Anticline area; Aera owns the balance. Well 1-18 is located between the Midway Sunset and Belridge fields, which are among the largest producing fields in the United States. The well is approximately 30 miles south of the 6,000-acre exploration block at Northeast Lost Hills, where Ivanhoe plans to drill a well into Temblor sands at a site northwest of the Berkley consortium's gas discovery at East Lost Hills.
Well 1-18 is approximately six miles south of the 126-square-mile area where Ivanhoe and partners have shot a 3-D seismic survey, which is currently being interpreted. The survey's objective is to identify multiple depth targets in which Ivanhoe would hold working interests ranging from 17.5% to 50%.
Ivanhoe Energy has 30 additional prospects and leads in the San Joaquin Basin, a good number of which will be drilled during the next 18 months as part of its exploration program. Ivanhoe's overall oil and gas exploration interests in the Basin cover more than 300,000 gross acres.
Further information on Well 1-18, including an area map and photographs of the rig, is available on the company's website: www.ivanhoe-energy.com.
Ivanhoe Energy is a unique company focused on three major strategies: (1) exploration and production, primarily for gas in California's San Joaquin Basin as well as oil and gas in Texas; (2) enhanced oil recovery, primarily for national oil companies; and (3) application of gas-to-liquids technology to stranded gas reserves, using the proprietary Syntroleum process. Ivanhoe's shares trade on the Nasdaq market with the ticker symbol IVAN and on the Toronto Stock Exchange with the symbol IE.
Aera Energy LLC is a California oil and gas producer with headquarters in Bakersfield, CA. " |
