Solimar announced that wireline logging operations have been completed and 7 inch completion casing is being run preparatory to conducting a flow testing program. The planned suite of resistivity and porosity measuring wireline logs were run plus one gun of sidewall cores. Further logs including additional sidewall cores could not be acquired due to deteriorating hole conditions and the decision was made to run the casing and protect the zones of interest for further evaluation by the flow testing program.
Preliminary analysis of the wireline data shows resistivity anomalies associated with the main reservoir targets in the Allison, Leda, Lower Avenal and Lower Gatchell Sandstones with porosities generally measured in the 14% to 20% range. Higher porosities up to 30% are indicated within the Avenal Sandstone. Such porosities are believed to be consistent with productive intersections of these sandstones in the adjacent Guijarral Hills field. No quantitative information is available as yet about the permeability of the sandstones.
Each of the main sandstone targets was confirmed at close to the predicted depth with potential individual hydrocarbon pay intervals ranging from 10 feet to 28 feet in thickness.
The Leda Sandstone was thinner than predicted at this well location which may have a negative effect on the reservoir quality and flow potential of that zone in the well. However if there is encouragement from the test program then there are locations in the prospect area where thicker sand development is mapped.
The Avenal Sandstone which exhibited the best hydrocarbon shows while drilling also showed extensive cross over on the neutron – density porosity logs which may be indicative of gas saturation and was used to estimate the potential net pay in that zone.
In addition to the above a number of other zones of interest were identified for which the Solimar technical team has less background information and will need to be examined further to determine whether the data indicates the presence of hydrocarbons or not.
A more complete evaluation of the wireline logs with further reference to the offset well data will be carried out to determine how many zones will be tested and over what intervals.
It is necessary to conduct a flow test program to determine whether the potential hydrocarbon pay zones have high saturations of hydrocarbons and the capacity to flow at commercial rates.
Once the casing has been run, the well will be suspended and the large Paul Graham Rig # 5 released from site. These operations are likely to take approximately 5 days after which a smaller testing unit will be brought to site for the flow testing program. Such testing units are readily available as the project location is less than 1.5 hours drive from the city of Bakersfield which is the main oil services centre in the San Joaquin Valley.
Background to 76-33
The 76-33 well was programmed to drill to a planned total depth of 10,400 feet. The drill program will evaluate 4 sandstone reservoir targets that were productive for oil in the Guijarral Hills field. The prospect being drilled is mapped based on well control as a potential undrained extension of the Guijarral Hills field which has historically produced over 50 million barrels of light oil.
Solimar is targeting a recoverable light oil resource of 5 million barrels with upside for 25 million barrels recoverable within the overall 2,560 acre project area.
The targeted sandstone reservoirs were predicted at depths between 7,000 and 10,200 feet. If successful up to 12 potential development well locations are indicated. Based on analysis of productive well histories in the Guijarral Hills field, pump assisted initial production rates of up to 400 barrels of high quality oil per well are targeted.
The 76-33 well is mostly being funded by a farmout to USA based Blast Energy Services who are funding approximately 2/3rds of the cost of the well and are making a cash contribution towards past costs. The Company will continue to provide progress updates during the drilling program as various program milestones are achieved.
Partners in the Guijarral Hills project, at post drill equities will be:
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