PetroMagdalena Finds New Oilfield in Cubiro Block
PetroMagdalena has discovered a new light oilfield with the Copa A Sur-1 ("Copa AS-1") exploration well, located at short distances to the north and south of the Copa AS-1 well. A workover rig is currently at the location and the testing and completion program has begun, the results of which will be provided upon conclusion.
Luciano Biondi, Chief Executive Officer of PetroMagdalena stated, "I am pleased that we have a third successful well as part of our Cubiro 2011 drilling campaign and the third consecutive discovery based on the analogy with the Copa and Copa B fields. This well will add to our production growth for the balance of the year and into 2012, and it increases the chances of additional discoveries on the Copa trend in the Cubiro block, our core producing asset in Colombia."
Located in Cubiro Block of the Llanos Basin, the Copa AS-1 well, in which the Company holds a 57% working interest, was spudded on September 16, 2011 and directionally drilled to a total depth of 7,572 feet measured depth ("MD"). The top of C7, C5 and C3 Carbonera sections were encountered at depths of 6,241 feet (MD), 5,796 feet (MD) and 5,523 feet (MD), respectively. Well logs indicate a total of 57 feet of net oil sand, 12 feet in two C7 sands, 21 in two C5 sands and 24 feet in two C3 sands. Porosities range from 25% to 32%.
Based on 3D seismic, the accumulation discovered by Copa AS-1 is a 1.4-kilometer long structure with an estimated closure of 216 acres, and bounded to the east by a normal fault, the common exploration play in the Llanos Basin. The Copa AS structure is located 2.7 kilometers to the south of the Company's Copa Field, and immediately north of the recent discovery of Copa B, all of them part of the Copa trend. The Copa trend includes additional structures to be drilled targeting the prospective sands of Carbonera C7, C5 and C3.