FIELD ACTIVITIES / Carmanah Updates Onado Drilling
TSE SYMBOL: CKM
JANUARY 18, 1999
CALGARY, ALBERTA--Carmanah Resources Ltd. announced today that
completion operations are underway at its 23.4 percent - owned ONV
- 78 well on the Onado Area onshore Venezuela. The block is
operated by Compania General de Combustibles S.A. ("CGC") of
Argentina with a 49.8 percent working interest.
The well was spudded on August 28, 1998 and was drilled to a total
depth of 16,370 feet. It encountered 829 gross feet of oil pay
and 632 net feet of oil pay. A total of 120 feet of core was
obtained and the reservoir appears attractive based on visual
examination. The cores were oil-saturated with good visual
porosity. A full suite of logs was also run.
A liner is presently being run, and then testing operations will
be initiated. Thereafter, the well will be tied in and placed
onstream and it is expected to be a flowing oilwell. Carmanah
will report cumulative test rates, flow rates, and reserves
estimates as soon as they are available.
Carmanah also announces that the operator has decided to defer the
drilling of the second well scheduled on the Onado Area until it
secures production results from ONV - 78. This decision will be
revisited at the next meeting of the participants.
Carmanah is a Calgary - based independent oil company with three
operated blocks (Bawean/Camar, Langsa and Northeast Natuna) in
Indonesia and its non-operated 23.4 percent interest at Onado,
Venezuela. Carmanah owns 100 percent of the Bawean/Camar PSC, 80
percent of the Langsa TAC and 90 percent of the Northeast Natuna
PSC.
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