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Gold/Mining/Energy : Parkcrest Explorations Ltd. - Discovery 4,116 BPD
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To: david bell who wrote (20)11/15/1997 11:19:00 AM
From: Ed Ajootian  Read Replies (1) of 94
 
David,

You've been quiet for the last several months on this turkey and I would not be surprised that its because you brilliantly took your profits once it hit $2.

But you may want to consider buying back in pretty soon. Harken has announced that the Estero #2 well will spud in a couple of weeks.

And contrary to the Estero #1, they are going to test all zones that show pay on the logs for this well.
Therefore this well is the best of all possible worlds. It's categorized
as a developmental well because its primary target is the Ubaque which
has already been found productive, and they are drilling right next to
the Estero #1 (actually they're using the same surface platform as was
used for the Estero #1). Yet, because the Guadalupe and Mirador
formations will be tested for the first time this is essentially an
exploratory well as to those zones.

But remember, the Estero #1 already found pay in those zones, and this
well is basically just sticking another straw down into the same drink.
So this well is the closest thing you'll ever get to a "lay-down" in the
O&G business.

Won't it be cool to see all three zones come in with a total of 10,000
bbls. a day. I know this sounds wild but from what I hear this is a
distinct possibility.

Just to add some more spice to an already exciting scenario, it turns
out the Harken guys now feel its worth the few extra bucks it would take
to drill a little bit deeper, into the Paleozoic rocks, to see if they
may be productive. Someone there has this wild theory that this is some
immense stratigraphic trap (like the stuff in the Middle Magdalena
Valley, where Harken and Seven Seas are), and the pay could even extend
down into the Paleozoic and they could end up with something like 500
feet of pay (rather than "just" the 37 feet they now have in the
Ubaque). So if all parties agree (which is likely, since the cost to
drill the extra feet is relatively minimal), they will drill down to the
Paleozoic rocks.

For a good discussion of the geology and an excellent schematic diagram
of the formations in the Llanos basin, see Ecopetrol's home page at:
ecp.com. In the diagram I believe the
layer called "Ube" is what we call the Ubaque.
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