FIELD ACTIVITIES / Quadra Resources Drills 3 Successful Gas Wells in
Colombia Application for Commerciality Underway
CALGARY, Oct. 28 /CNW/ - Quadra Resources Corp (QDRA.U, CDN), in
conjunction with its joint venture partners Texican Oil PLC and Petrolex
Energy Corporation, is pleased to announce the drilling and test results of
the Compae No. 3 well. This well is the step-out evaluation well of the
Compae No. 1 discovery well on the Maracas Association Contract in northern
Colombia which was drilled to a total depth of 5173 ft and cased. Electric
logs indicated four major zones of interest containing approximately 500 ft of
net hydrocarbon pay. Lagunitas, the lowest zone, tested at limited flow rates
of 400 bopd of 34 degree API crude oil and 1.1 million cubic ft of gas from a
140 ft net pay section. The Maracas zone indicated 130 ft of hydrocarbon pay
from logs. The top zones, Socuy and La Luna, with net pay of 225 ft tested
gas flows of 10 million cubic ft per day on a 44/64'' choke with a calculated
AOF of 36 million cubic ft per day. The Lagunitas zone is being analyzed for
a possible horizontal well to be drilled before year end.
The Compae No. 2 well was spudded on August 24, 1998, drilled to a total
depth of 2912 feet subsurface, and completed as an open hole natural gas well.
Electric logs indicate 298 feet of gross gas pay in both the Socuy and La Luna
formations. The well tested gas flow of 7.9 million cubic ft per day on a
43/64'' choke with a calculated AOF of 20 million cubic ft/day.
Compae No. 3 well was spudded on October 1, 1998 and drilled to a total
depth of 2501 feet. Electric logs indicated 50 feet of net pay from the La
Luna formation. The well tested gas flows of 1 mmcfd through a 1/4'' choke.
Quadra has been advised by Texican PLC (the Operator), that they plan to
submit an application for Declaration of Commerciality to Ecopetrol, the
Colombian state-owned oil and gas company prior to year end. In anticipation
of the acceptance of this application, the Operator has commenced a study for
the requirements for construction of 40 km gas pipeline tie-in for sales gas
production of 25-30 mmcfd commencing mid to late 1999.
Quadra has a 10% net revenue interest in the 224,000 acre Maracas
concession.
Quadra's common shares are quoted for trading on the Canadian Dealing
Network under the symbol ''QDRA.U''. As of September 3O, 1998 there are
22,043,400 shares issued and outstanding. |
