By OGJ editors
HOUSTON, Oct. 27 -- Appraisal and development is pending for a 1988 eastern Putumayo basin oil discovery in Colombia that could have as much as 38 million bbl recoverable.
Chaco Resources PLC, London, signed a joint venture with Repsol Exploracion Colombia SA to develop Alea field near the border with Ecuador.
Chaco Resources will earn a 25% interest in the field from Repsol by funding certain appraisal operations. First year spending is as much as $7.4 million. Chaco Resources will rework existing seismic data, reenter and test the discovery well, and drill a stepout. Colombia's state Ecopetrol operates Alea (see map, OGJ, May 23, 1994, p. 85). Alea-1 flowed at a stabilized rate of 533 b/d of 30.9° gravity oil from Cretaceous Villeta Lower U sand. Logs indicate Villeta Upper U sand, not tested, to be oil bearing. TD is 2,542 m.
Repsol calculated probable recoverable volumes of 20.8 million bbl from Lower U and 17.3 million bbl from Upper U.
