Petro Vista has commenced drilling of its Morichito-5B deeper pool exploration and appraisal well in the Llanos Basin in Colombia. The well was spud March 18, 2011.
The Morichito-5B will be drilled from the same drilling pad as the 2010 field discovery well Morichito-5 (see news release dated March 25, 2010), and will be drilled directionally to a bottom hole location approximately 1,400 feet southeast of the earlier discovery. The proposed total depth for the well is 6,600 feet in the Cretaceous Ubaue formation and will fulfill the Company's fifth phase contract commitment with the Colombia National Hydrocarbon Agency (ANH).
The Morichito-5B will be a dual-purpose well with a primary objective to test the potential of deeper Mirador, Gacheta and Ubaque reservoirs that have seen recent significant discoveries in the Llanos Basin. Additionally, the well is also expected to encounter the same reservoir intervals that had shows or tested oil in the Morichito-5 discovery well in an up-dip position approximately 10-15 feet high to the Morichito-5 discovery well. This should provide additional oil reserves from those zones and give additional structural advantage for deeper Mirador sands that had excellent shows but tested wet. The Morichito-5B well should take approximately 14 days to drill after which logs and sidewall cores will be acquired and a completion decision will be taken.
Additionally, the Company will mobilize a work-over rig before the end of the month to begin testing the Carbonera 5900-foot sand in the Morichito-5 discovery well that tested 100% oil at rates of up to 375 barrels of oil per day during short-term drill stem tests in April 2010. Due to the approach of the rainy season and resulting floodwaters at that time, it was not possible to determine a definitive flow rate for the well.
Depending on results of the new Morichito-5B well and the long -term test of the existing Morichito-5 well, the Company plans to install a production facility to put the two wells on immediate production.
Petro Vista President and CEO Steve Benedetti commented, "With the success of Tartaruga well in Brazil and the impending production from the Morichito field in Colombia, Petrovista will enter a new era of growth funded by internal cash flow. The Company's main focus will be to grow production in these two core areas while continuing to pursue upside exploration projects on its existing licenses."
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