Heavy Earth Resources Completes Seismic Work at Morichito Block
Heavy Earth Resources, Inc., a oil and gas exploration and production company focused on Central and South America, announced the completion of a 36 square miles (94 square kilometers) 3D seismic survey over the northern portion of the Morichito Block, located within producing trends of the prolific Llanos Basin. The 3D seismic survey was completed ahead of schedule and on budget and preliminary analysis has indicated the quality of the data is better than expected.
"We believe the new 3D seismic preliminary processing volumes have confirmed the structural traps in the C5, C7 and Gacheta intervals identified in previous 2D surveys," said Grant Draper, the Company's Chief Executive Officer. "In the coming weeks, we expect the new 3D seismic to identify additional prospective leads in the Carbonera, Mirador, Gacheta and Ubaque intervals on the Morichito Block."
Morichito Block Highlights
- Located within producing trends and nearby properties with existing production
- Morichito-5 Discovery Well declared commercial on March 30, 2012
- 58 square miles (150 square kilometers) of 3D seismic coverage on the Block in two surveys
- 10 undrilled prospects on the Block plus additional prospects to be identified in the Carbonera, Mirador, Gacheta and Ubaque from the new 3D data
Heavy Earth is in the process of merging its 3D seismic surveys and anticipates defining new prospects to drill in the next two years and to fulfill its obligations for the relinquishment of 50 percent of the Block area in conjunction with a two-year E&P Contract extension from the Colombian Agencia Nacional de Hidrocarburos. Heavy Earth anticipates the merging of its 3D seismic data to be complete by late July 2012.
The Company, through its Colombian subsidiary DCX SAS, operates the Morichito Block with a 50 percent working interest and owns a 25 percent working interest in an E&P Contract that includes the La Maye block located in the Lower Magdalena Basin, Colombia.