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Gold/Mining/Energy : Harken Energy Corporation (HEC)
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To: Razorbak who wrote (4152)2/10/1999 10:58:00 AM
From: Dr. Id  Read Replies (1) of 5504
 
Wednesday February 10, 10:34 am Eastern Time

Harken Colombia well appears non-commercial

DALLAS, Feb 10 (Reuters) - Harken Energy Corp said Wednesday it appears its
Islero 1 well located on a prospect in the Middle Magdalena Valley of Colombia will
not be commercial.

Based on information gained during the last two weeks, the company said, it has
determined the Cimarrona formation did not have adequate thickness or fracturing to
economically produce. While the well initially had good shows of high quality oil and gas during drilling, it subsequently produced
large volumes of water that may indicate a bottom hole location near the oil-water contact point.

Harken said the initial strong indications of oil and gas during drilling are encouraging and the Company now believes that this data
indicates an active oil generating system on the block. Preliminary analysis indicates that the source of the oil and gas might be the
deeper Olini (Villeta) formation that is located about 1,200 feet below the Cimarrona.

During the drilling of the Islero 1 well, Harken considered drilling to the deeper zone but concluded that the required depth could
not be reached with the smaller diameter drill string necessitated by the earlier sidetracks on the well.

Harken said it has decided to release the Parker Drilling Co (NYSE:PKD - news) 216 drilling rig while it evaluates data gathered
from this well over the next several months to determine the next step on the block.

Future drilling to the Cimarrona or the Olini (Villeta) zones will probably be done only in conjunction with industry partners in
order to reduce Harken's financial risk on the block, the company added.
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