New Story
Harken Announces Expansion of Potential for Palo Blanco Field
DALLAS, May 19 /PRNewswire/ -- Harken Energy Corporation (Amex: HEC)
("Harken") announced today the preliminary results of its production test of
the Estero #3 well located in the Alcaravan Association Contract Area in the
Llanos Basin of Colombia. During drilling of the well Harken has encountered
a coal seam creating a stratigraphic formation which increases the likely size
and potential recoverable reserves of the Palo Blanco field by 200 to 400%.
The two zones tested, known as the Upper and Middle Ubaque have a combined
thickness of approximately 50 feet. During preliminary testing the well
produced oil from these intervals at a combined rate of 2,036 BOPD with
significant water produced from the Middle Ubaque. Harken's earlier
production test of the previously drilled Estero #1 discovery well resulted in
oil production from the Upper Ubaque formation but did not include a test of
the Middle Ubaque.
In addition to these two zones, Harken will be testing in this Estero #3
well two additional potentially productive formations, the Guadalupe and
Mirador, which tests should take several weeks to complete. Harken has tested
the deeper Paleozoic formation and found it to be noncommercial.
Harken plans to construct permanent road and production facilities to
allow year-round drilling activities on the Palo Blanco field beginning in
late 1998. Harken also announced that due to heavy rains increasing in the
region, it has elected to delay final production tests of the Canacabare #1
well until the dry season in the fourth quarter of this year. Harken had
announced earlier that wireline log data analysis indicated a net productive
thickness of approximately 90 feet in the three formations to be tested in
this well.
Harken's Chairman, Mikel D. Faulkner stated, "We are very encouraged by
what appears to be a significant increase in the overall size of the Palo
Blanco field. This new knowledge obtained through encountering the coal seam
will help us target the next Palo Blanco well to locate the boundaries of this
field to the West and North." He continued, "We plan to begin selling crude
oil production from Palo Blanco by trucking operations as soon as we complete
the final Estero #3 production tests. We look forward to the results in the
next few weeks from the Guadalupe and Mirador formations to advance our future
development plans for this area."
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, 1997.
Actual results may vary materially.
Harken Energy Corporation
COLOMBIAN EXPLORATION
Events to Monitor
Second Quarter 1998:
-- Drilling of the Islero #1 well - 75 days to drill and complete
(Cambulos)
-- Drilling of the Torcaz #5 well - 45 days to drill and complete
(Bocachico)
-- First production from Bocachico and Bolivar (Bocachico and Bolivar)
-- Palo Blanco Phase I pipeline construction commences (Alcaravan
Miradores)
Third & Fourth Quarter 1998:
-- Drilling of the Frailejon #1 well - 75 days to drill and complete
(Cambulos)
-- Drilling of the Guadual #1 well - 75 days to drill and complete
(Cambulos)
-- Drilling of the Sumapaz #1 well - 75 days to drill and complete
(Cambulos)
-- Drilling of four exploratory wells (Palenque #1, Palenque #2,
Laurel #1, Aquilla #1) (Bolivar)
-- Start-up of Palo Blanco Phase I pipeline production (Alcaravan
Miradores)
-- Drilling of another Palo Blanco well (Mirador Norte #1) (Alcaravan
Miradores)
-- Drilling of another Torcaz well (Bocachico)
-- Catalina Phase I Pipeline construction commences (Bolivar)
Exploration Track Record
Well Date Comments
Alcaravan #1 (Alcaravan Miradores) February 1995 Dryhole
Torcaz #2 (Bocachico) October 1996 Producer - 600+BOPD
Estero #1 (Alcaravan Miradores) April 1997 Producer - 4000+BOPD
Torcaz #3 (Bocachico) May 1997 Producer - 600+BOPD
Catalina #1 (Bolivar) November 1997 Producer - 9680+BOEPD
Olivo #1 (Bolivar) March 1998 Producer - 10,800 BOPD
Estero #3 (Alcaravan Miradores) December 1997 Currently Testing
Canacabare #1 (Alcaravan Miradores) March 1998 Testing in next dry
season
Note: The current drilling schedule is subject to changes due to
numerous factors, some of which are beyond the Company's control,
including permitting, equipment scheduling, contigous area drilling
activity, seismic acquisition and weather.
SOURCE Harken Energy Corporation
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