Parex Resources finds oil pay on two Llanos basin blocks

Parex Resources Inc., Calgary, has found oil pay at a northern extension well of Las Maracas field on the Los Ocarros block 320 km northeast of Bogota and tested new oil pay at the La Casona-1 well on the El Eden block 210 km northeast of Bogota in Colombia’s Llanos basin.

Wireline logs at the Las Maracas-8, drilled in a record 10 days, indicate 34 ft true vertical depth of net pay in the Mirador formation and 22 ft TVD in middle Gacheta. The well is being cased for completion from Mirador initially. After completion, the rig will drill Maracas-9 to the Gacheta and Une reservoirs.

Las Maracas field is producing 8,000-9,000 b/d of oil, and the permanent production facility is on schedule for completion by the end of May 2013.

Parex Resources also carried out an extensive test program of the Une and Gacheta reservoirs in its La Casona-1 discovery well using a workover rig.

The Une formation averaged 1,700 b/d of 35° gravity oil with gas at the rate of 6 MMcfd over a 56-hr period under natural flow. End-test water cut measured 1%.

A number of basal Gacheta sands not previously described in net pay numbers revealed in November 2012 were also tested and produced 105 b/d of light 24° gravity oil and 500 Mcfd of gas. Water cut at the end of the test was 2%.

A middle Gacheta sand was tested separately but yielded no flow to surface. It was speculated that the test was dry due either to formation damage or that the well required more clean-up time to flow naturally.

The Mirador formation, which had good oil shows and potential hydrocarbon pay on logs, could not be tested in this well due to a poor cement bond. It is expected that the Mirador, Gacheta, and Une reservoirs will be further evaluated with a follow-up well, La Casona-2, to be drilled later this year.

Parex Resources is procuring production facilities that include natural gas compression equipment and plans to use the produced gas as a power source at the Las Maracas and Kona production facilities. The La Casona discovery is expected to go on production in the third quarter of 2013.

Petroamerica Oil Corp., Calgary, which issued the well results, holds a 50% participating interest in the Los Ocarros block and a 40% participating interest in the El Eden block, 15% of which is still pending approval by Colombia’s National Hydrocarbon Agency.

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