DCX, S.A.S provided an update on its exploration and production program in the Morichito Block, Llanos Basin.
DCX, S.A.S. believes its Morichito-‐5 discovery in the Llanos basin to be "commercially viable" and plans to start production in 2013. Originally drilled in March 2010, the Morichito-‐5 was tested in August 2011 with flow rates of up to 700 barrels of 22.5 degrees API crude oil per day utilizing a hydraulic jet pump from perforations in the lower Carbonera C7 zone at 5900-‐5902 feet.
Based on interpretation of 10 square miles (25 square kilometers) from a 3D seismic program acquired in 2007, it was possible to identify the faulted monocline Morichito-‐5 structure that tested for considerable quantities of hydrocarbons in the upper part of the Carbonera C7 formation in this southern part of the Block.
Juan Carlos Robles, Country Manager of DCX, S.A.S. stated, "The Morichito Block exploration program will continue to develop our production and reserves. With the launch of the 3D seismic program in the northern portion of the Block, our attention has shifted to further delineating two significant structures. With the success from our exploration program we can begin to look for opportunities to build our reserves on the Block."
Geological and geophysical ("G&G") work consisting of 36 square miles (94 square kilometers) of 3D seismic is currently underway and targeting oil prospects located on the northern portion of the Morichito Block. This G&G work is expected to mature into firm prospects for drilling in the second half of 2012 and beyond.
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