Petrominerales's Corce-1 well tests oil from first zone
2007-07-19 00:10 ET - News Release
Mr. John Wright reports
PETROMINERALES TESTS OIL FROM FIRST ZONE IN CORCEL-1 EXPLORATION WELL
Petrominerales Ltd.'s Corcel-1 exploration well has tested at initial rates of 970 to 1,200 barrels per day of 31-degree API oil, with no water, from the Guadalupe formation (initially interpreted as the Barco formation), which corresponds to the lowermost of the company's three planned test intervals. Well logs indicate total potential net pay of approximately 140 feet of high-quality sand in the Mirador and Guadalupe formations. This Guadalupe interval comprises 40 feet of net pay and was tested using a jet pump configuration that limited the ability to produce at full capability. The productivity index calculated from the initial test indicates that with the installation of a properly sized electrical submersible pump, the Guadalupe could produce at initial rates of up to 2,500 barrels per day.
Petrominerales now plans to complete and test the upper Mirador intervals, also using the drilling rig. Based on log analysis, the Mirador contains 100 feet of prospective oil pay in two main intervals. Mirador results are expected over the next three weeks.
The company has also started construction of a second drilling pad and expect to spud its second Corcel well in August, 2007. The drilling rig is now expected to remain in the Llanos basin to accelerate this continuing exploration and delineation program.
The Corcel block is situated in a drier region of the Llanos basin and the company has an all-weather road to this location which will accommodate year-round production from the well. The ultimate size of the discovery will be defined through long-term testing and additional delineation drilling. Petrominerales has identified five additional Corcel prospects from its 47-square-kilometre 3-D seismic survey, which covers approximately 15 per cent of the 79,815-acre block. In addition, an early 2008 3-D seismic program is planned for the company's 26,341-acre Guatiquia block, which adjoins the Corcel block to the south.
Corcel-1 was the fourth well of the company's five-well 2007 exploration drilling program in the Llanos and Putumayo basins; four wells have now been drilled in the Llanos and one well remains to be drilled in the Putumayo. The company's drilling rig, currently working in the Orito block in the Putumayo basin, will be used to drill its Conga-1 exploration well on the Las Aguilas block offsetting Orito. This well is expected to spud in September. Earlier in 2007, the company drilled the Ojo de Tigre-2 discovery on the Joropo block. The company's other two Llanos basin exploration wells were abandoned.
Petrominerales holds over 1.5 million acres of land in Colombia, on which the company has acquired 357 square kilometres of 3-D seismic and reprocessed all available 2-D seismic data. This work program has generated 18 additional leads and prospects on these lands. The company plans to acquire an additional 140 square kilometres of 3-D seismic and 576 kilometres of reconnaissance 2-D seismic. In 2008, the company plans to drill up to eight further exploration wells focused primarily in the Llanos basin.
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