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Gold/Mining/Energy : Harken Energy Corporation (HEC)
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To: Rod Copeland who wrote (2991)6/2/1998 8:41:00 AM
From: Ditchdigger  Read Replies (1) of 5504
 
Hello Rod et all,
From the May 19th press release:
biz.yahoo.com
"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."
Am I correct in assuming the estimated increase in potential recoverable reserves(200%-400%) was not based on the Guadalupe and Mirador Formations?
They did not test the Middle Ubaque in Estero #1,only the upper.What is the possibility of the formation being oil productive(probably with a high water content as in #3)?
IMO,I agree(icing on the cake),while the news wasn't good,it doesn't change the fact that the field appears to have greater potential than was originally thought...DD
Time to expedite the spur pipeline and get these things pumping....
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