Petrominerales has two-zone Ucayali light oil find

Petrominerales Ltd., Calgary, has made a potentially commercial two-zone light oil discovery in the southern Ucayali basin in Peru.

The company will apply for authority to shoot 3D seismic and seek regulatory approval for possible commercialization, subsequent appraisal drilling, and technical evaluations.

Petrominerales said the discovery is near river barge transportation. The area is 300 miles east-northeast of Lima and a few miles west of the Brazil border at western Acre State.

The Sheshea-1X well on Block 126 went to 8,925 ft as the company’s second exploratory well on the block (OGJ Online, June 4, 2012). Petrominerales ran four tests in three formations.

Two tests of the Permian Copacabana formation yielded water. The Cretaceous Agua Caliente formation made 80 b/d of oil with 97% water cut. The Cretaceous Chonta formation averaged 1,430 b/d of oil without water.

A 10-ft Chonta perforated interval yielded 2,235 bbl of 53° gravity oil in 37.5 hr on an electric submersible pump with solution gas too small to measure. Drawdown at the test’s end was 50%. More drilling, testing, and 3D seismic will be required to help evaluate this “encouraging discovery,” the company said.

The Chonta is currently interpreted as a shoreface sand with good lateral extent and continuity that was deposited on a preexisting high. Internally calculated potential resource volumes suggest a potential of 14 million bbl of discovered petroleum initially in place based on minimal closure to 140 million bbl based on maximum closure to interpreted spill point, Petrominerales said.

The test of an 8-ft interval in the Upper Agua Caliente on an ESP through temporary well test equipment yielded only formation water for 20 hr. After that traces of oil were observed, growing gradually to a 3% cut of 42° gravity oil by the end of the 46.8-hr flow period. The total fluid rate was 2,703 b/y. End-test drawdown was 4%.

The Agua Caliente results are encouraging, Petrominerales said. “We believe we tested a transition zone in a downdip position with a potential accumulation updip of the well. Based on our interpretation of 2D seismic data, we could gain up to 25 ft of additional elevation and potential net oil pay. Internal calculations suggest that up to 25 million bbl in place is possible for the Aqua Caliente, and more drilling, testing, and 3D seismic will be required.

Meanwhile, Clontarf Energy PLC said the Chonta and Agua Caliente formations are also present 70 km southeast of Sheshea-1 on Clontarf’s Block 188, where the 1999 Panguana well had oil shows in Chonta.

The Petrominerales discovery has validated Clontarf’s long-term belief in the potential of the southern Ucayali basin, Clontarf managing director David Horgan said.

“This was the play our management team pursued when we previously acquired neighboring blocks 114 and 131--which were subsequently sold to Petrominerales in 2010. It was also the logic behind Clontarf Energy’s acquisition of Block 188 in 2011.

“The discoveries are one of four petroleum systems present in Block 188. Continuing exploration success in this part of Peru, allied to competitive fiscal terms, strengthen the attractions of investing in Peru,” Horgan added.

Contact Alan Petzet at alanp@ogjonline.com.

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