Last Trade 0.34 CAD | Change 0.00 --
Trade Time 3:59pm EST
El Eden Block - July 31, 2013 - The La Casona-2 appraisal well was side-tracked for operational issues on July 5, before reaching any reservoir objectives, and the sidetrack well is currently drilling in the Carbonera C5 Formation at a depth of 13,723 feet (measured depth). This well is expected to reach its target depth by mid-August and following completion and testing, the Tuscany 119 rig will mobilize to drill the Rumi-1 exploration well also located on the El Eden Block.
Los Ocarros Block - July 31, 2013 - Las Maracas-11 development well tested, under natural flow, light 37 degree API oil at an average rate of approximately 3,600 barrels of oil per day (“bopd”) from the Mirador Formation.
The Las Maracas-11 development well was specifically targeting attic oil in the Mirador reservoir in a high structural position, but also intersected the Gacheta and Une reservoirs lower in the structure. The well encountered 48 feet of net pay, 38 feet of which are in the Mirador Formation, and produced on test under natural flow conditions light oil (37degree API) from a 16-foot perforated interval in the Mirador Formation. The total duration of the test was 17 hours and the average oil rate through a 32/64 inch restricted choke over the last 7-hour period was 3,612 bopd with a wellhead pressure of 550 psi. The maximum oil rate was more than 3,700 bopd and the water cut at the end of the test was less than 0.3%. Total oil recovered during the test was 1,761 barrels with 11 barrels water. Pressure build-up recorders installed in the bottom of the well confirmed no pressure decline during the test and a producing drawdown of only 2.2% at 3,600 bopd confirmed the exceptional quality of the Mirador reservoir. The well is currently shut-in for a pressure buildup, following which it will be placed on production.
El Portón Block - May 23, 2013 - Petroamerica is pleased to announce an oil discovery with its Curiara-1 well, which tested light 40 degree API oil at an average rate of more than 800 barrels of oil per day (“bopd”) from the Mirador Formation. The Curiara-1 exploration well produced on test under natural flow conditions light oil (40 degree API) and gas from a 5-foot perforated interval in the Mirador Formation. The average oil rate through a 20/64 inch restricted choke over a 22-hour period was 818 bopd with 3.4 MMCFD of gas. The well head flowing pressure during testing was approximately 3,300 psi and the watercut at the end of the test was less than 0.5%. During testing, a maximum oil rate of more than 1,200 bopd was observed and by the end of the test, the stabilized oil rate was 964 bopd. Logs indicate 8 feet of net pay and a possible gross hydrocarbon column of 50 feet in the Mirador Formation at the well. The well is currently shut-in for a pressure build-up and further evaluation. For operational reasons, the well was terminated in the Los Cuervos Formation and did not evaluate the deeper reservoir objectives of the Gacheta and Une Formations.