Estero #3 Formation Evaluation Results are Favorable
DALLAS, Jan. 21 /PRNewswire/ -- Harken Energy Corporation (Amex: HEC - news; ''Harken''), announced today that the formation evaluation of the Mirador, Guadalupe and Ubaque reservoirs in the Estero #3 well has been completed. This well, located on Harken's Alcaravan Association Contract in the Llanos Basin of Colombia, was drilled as a delineation well to confirm the extent of the Palo Blanco prospect and the reservoirs first discovered in the Estero #1 well, which earlier well tested 4000+ BOPD solely from the Ubaque formation.
The Mirador, Guadalupe and Ubaque formations were evaluated in the current Estero #3 well through a series of electric logs resulting in the following characteristics which compare favorably to the results achieved in the Estero #1.
Formation Characteristic Estero #3 Log and
Formation Evaluation
Analysis Results
Formation Thickness: Gross Net Productive
Mirador 90 feet 54 feet
Guadalupe 213 feet 163 feet
Ubaque 305 feet 12 feet
Other Data: Porosity Oil Saturation
Mirador 21% 46%
Guadalupe 21% 42%
Ubaque 22% 60%
Prior to conducting a test to ascertain the productive capacity of each zone identified in the Estero #3 well, Harken has elected to drill deeper to test a seismically defined structural feature which the Company has identified beneath the Ubaque formation. Based upon analysis of seismic data and subsurface information gathered from a well recently drilled by Ecopetrol to the north of Alcaravan, Harken believes reservoir quality rocks could exist in this targeted deeper formation, the Paleozoic formation. If successful, this formation would establish a new productive interval in Harken's Palo Blanco/Estero field area.
Harken's Chairman, Mikel D. Faulkner, said, ''We are encouraged by the evaluation results of the Ubaque, Mirador and Guadalupe formations because at this stage of our drilling effort it compares very favorably with the Estero #1 which we drilled and tested last year.'' Faulkner continued, ''We plan to test the productive capacity of these formations following the deepening of this well to evaluate the Paleozoic formation which seismic information indicates to be directly beneath our Ubaque reservoir.'' Faulkner, in concluding his remarks, stated, ''The evaluation of this deeper zone will add an additional two weeks to the completion stage of this well; however, it is a time and cost efficient way to test the Paleozoic.''
Harken Energy Corporation explores for, develops and produces oil and gas reserves domestically and internationally. Certain statements in this news release regarding future expectations and plans for international oil and gas exploration and development may be regarded as ''forward looking statements'' within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as the inherent uncertainties in interpreting engineering data related to underground accumulations of oil and gas, timing and capital availability, discussed in detail in the Company's SEC filings, including the Annual Report on Form 10-K for the year ended December 31, 1996. Actual results may vary materially.
SOURCE: Harken Energy Corporation |
