Alange announced that the Topoyaco-2 well, drilled to explore the prospectivity of the Villeta and Caballos formations in the Topoyaco Block, reached total depth of 8,700 feet, finding 114 feet of total net oil pay sand and 125 feet of oil saturated carbonates in the Villeta Formation.
The well logs (a package of resistivity, porosity, gamma ray and sonic) indicated 44 feet of net oil pay sandstones in the N zone, 25 feet of net oil pay sandstones interbeded with heavily fractured hydrocarbon saturated carbonates in the M1/M2 and B zones, and 45 feet of net oil sandstones in the T zone, all in the Villeta Formation. Petrophysical analysis indicated average porosities and oil saturations in the sandstones in the ranges of 14-17% and 55-72%, respectively. The logs also identified a total of 10 feet, 65 feet and 50 feet of hydrocarbon saturated limestones in M1/M2, B and C (basal), respectively.
Luis E. Giusti, the Company's Chief Executive Officer, stated, "These results confirm the much anticipated expectations for Topoyaco. We firmly believe that Alange Energy is in the process of unlocking the large hydrocarbon resources of this new oil province."
The Topoyaco-2, spudded on August 8, 2010, is a directional exploration well with 32 degrees of inclination, drilled to a total depth of 8,700 feet measured depth (MD), with 4,300 feet of horizontal displacement. The well found the top of the Villeta N sandstones at a depth of 7,346 feet MD, the top of the Villeta M1/M2 limestones at a depth of 7,610 feet MD, and the top of the Villeta T sandstones at a depth of 8,420 feet MD with petrophysical evidence showing 44 feet, 25 feet and 45 feet of net pay respectively for a total vertical oil column in the three zones of 114 feet.
Oil and gas shows were present along the whole perforated zone of interest, including a gusher that was previously announced by the Company. As a result of these initial indications of oil pay, a test program is being designed to confirm the fluid content and productivity of the discovered zones. This test program is expected to start immediately and will take approximately two weeks to complete.
The Topoyaco-1 exploration well, aimed at the B prospect, has reached 6,156 feet MD covering the Villeta Formation, and will continue drilling to an estimated total depth of 6,306 feet MD. It is located in the Putumayo Basin, Colombia. The final testing of these two wells will determine the extent of this find, and the potential appraisal drilling plans targeting the B and C prospects which, in principle, would include at least one additional well per prospect from the same slabs.
Alange Energy holds a 50% working interest and has control of the operatorship in this block, partnering with Pacific Rubiales Energy Corp., which holds a 50% working interest. The Topoyaco Block is subject to the Agencia Nacional de Hidrocarburos (ANH) contractual terms, with a sliding scale royalty commencing at 8% and no back-in rights by the state. The structures known as prospects B and C have calculations of prospective resources certified by Petrotech Engineering Ltd. in its report dated effective April 30, 2010 of 7.54 and 19.26 MMbbl (best estimate), respectively.
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