FIELD ACTIVITIES / Harken Energy - Islero #1 Well Drilling Encounters
Expected Formations at Deeper Depths
DALLAS, Oct. 30 /CNW/ -- Harken Energy Corporation (Amex: HEC)
announced today that its Islero #1 well, on Harken's 300,000 acre Cambulos
Association Contract block in the Middle Magdalena Valley of Colombia,
continues to drill while encountering the expected subsurface geology at
deeper depths than originally estimated.
Seismic velocity data collected during the drilling of this well has
resulted in a reinterpretation of the original seismic model. These data
indicate that the target Cimarrona formation may be up to 1,500 feet deeper
and that the bed dip (incline) is much higher than originally expected. Based
on current estimates, the well could have a total depth of 9,600 feet in order
to test the Cimarrona formation if the current drilling direction is
continued. Presently, Harken plans to reduce the potential distance to the
target Cimarrona to approximately 7,500 feet by moving uphole from the current
7,300 feet and sidetracking the current wellbore. The sidetracking will begin
at approximately 4,900 feet with directional drilling updip to the east into
the expected location of the Cimarrona.
It is important to note that cutting samples from the drilling process, as
well as methane gas shows from the well, correlate closely to the El Segundo
wells drilled to the north by Seven Seas/GHK on their Emerald Mountain block.
Also, the existence of the Cimarrona in the area is further supported by a
Harken measurement of a surface outcrop of the Cimarrona limestone formation
approximately 1 kilometer east of the Islero well site. Previously, this rock
type has also been recognized in the producing section of the El Segundo
wells.
During the drilling of the Islero #1, the Company encountered multiple
highly fractured and faulted zones and has had to set two additional casing
strings to solve various mechanical problems with these formations. These
formation problems have at times caused temporary sticking of the drill string
and other mechanical problems. Consequently, drilling must proceed very
cautiously and at a reduced pace. The sidetracking, changed drilling program
and added casing strings have caused Harken to add an additional 30 to 45 days
of rig time to its estimated drilling schedule and have increased expected
well costs.
Mikel D. Faulkner, Harken's chairman stated that, "while the well has been
difficult mechanically, we remain encouraged based on the information gained
through the drilling so far."
Harken Energy Corporation ("Harken") 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.
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