High oil rate tested in southwestern Llanos

Oil is flowing at a rate in excess of 9,700 b/d from the C3 well on the Corcel block in the southwestern part of Colombia's Llanos basin, said Petrominerales Ltd., Bogota.

Oct 20th, 2008

By OGJ editors
HOUSTON, Oct. 20 -- Oil is flowing at a rate in excess of 9,700 b/d from the C3 well on the Corcel block in the southwestern part of Colombia's Llanos basin, said Petrominerales Ltd., Bogota.

The flow of 29° gravity oil is coming from 23 ft of high-quality sand in the Upper Cretaceous Guadalupe formation at a 0.3% water cut. The company installed an electric submersible pump and plans to ramp production up to the pump's capacity of 11,000 b/d of fluid in the next few days.

Corcel C-3 also penetrated 45 ft of high-quality sands in the Lower Sand-1 interval, which has produced 329,000 bbl of 17° gravity oil in its C1 discovery well since July 25, 2008, and is still producing 3,712 b/d. The C1 well logs indicate 41 ft of net pay in the Guadalupe, which is not yet completed.

Petrominerales, a 76.3% owned subsidiary of Petrobank Energy & Resources Ltd., plans to produce the Guadalupe zone from the C3 well and the Lower Sand interval in Corcel-C1 on extended tests. The company will evaluate the optimal exploitation strategy for both zones, which might include additional delineation wells.

Petrominerales has reached the top of Mirador in the Corcel D-1 and had encouraging oil and gas shows. This is the first of a multiwell program planned for the D structure which, based on 3D seismic, appears analogous to the Corcel-A structure.

The Corcel block and the adjacent Guatiquia block east-northeast of Villavicencio total more than 100,000 acres with exploration potential.

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