FIELD ACTIVITIES / Cubacan Exploration Commencement of Drilling
- Farola North #1 Well
ASE SYMBOL: CCX
FEBRUARY 12, 1998
CALGARY, ALBERTA--Cubacan Exploration Inc. (Cubacan), is pleased
to announce that at 9:30 am (MST) today the drilling of its first
exploration well known as Farola North #1 commenced. The well is
located onshore Block 17 in the Republic of Cuba and is
approximately 10 km. from the town of Puerto Padre in the Province
of Las Tunas.
Farola North #1 is an exploration well being drilled in Block 17
to test two target reservoirs. The primary target is Cretaceous
carbonates within an extensional wrench anticline. These
carbonates are anticipated to be either folded platform
carbonates, with both primary and secondary porosity, or a paleo
reef build-up with mouldic and fracture porosity (as identified
from local outcrop samples obtained and analyzed by independent
consultants). The secondary target reservoir is the erosional,
reworked, detrital volcano-clastic sediments within the
Cretaceous.
The location has been selected on the crest of the wrench
anticline away from the bounding faults that define the limit of
the structure. Numerous oil seeps located near the drilling
location are likely the result of leaking of subsurface
hydrocarbon accumulations up along the bounding faults to the
surface. It is anticipated that the drilling of the well to the
target depth of 2000 metres will take 30 to 45 days.
Cubacan has a 100 percent interest in each of Blocks 16 and 17
located in the Republic of Cuba which originally contained 6,900
km2 of exploration lands, and, through its investments in
MacDonald Oil Exploration Ltd. (CDN - "MACO"), has an interest in
an additional 9,900 km2 of exploration lands located in Block 22.
Farola North #1 is the first of a number of prospects and leads
identified by Cubacan following an extensive seismic program
completed in 1997 which the Company plans to develop.
Cubacan is a Calgary based junior oil and gas exploration company
with interests solely in Cuba. Cubacan is listed on the Alberta
Stock Exchange (ASE) with shares trading under the symbol "CCX" |
