New World Oil & Gas announced Friday that its Blue Creek No.2A side track well in the Petén Basin in northwest Belize has come up dry after the firm drilled to a measured depth of 11,650 feet Jan. 27.
The firm said that, after careful analysis, it was determined that insufficient commercial quantities of hydrocarbons were present to merit running casing and well-testing operations. As a result, New World has decided to plug and abandon the well.
New World pointed out that data has shown that a live hydrocarbon system does exist in the area and that live oil shows were seen in formations during the drill. Technical data garnered from both the No. 2A side track and the Blue Creek No. 2 wells will now be used during the drilling of the company's next well: the Rio Bravo Well No.1 in the West Gallon Jug.
The drilling of the Rio Bravo No. 1 well is expected to begin during the first quarter of this year.
"Analysis of the data gathered from the Blue Creek #2A and Blue Creek 2A ST wells points to the migration of huge quantities of oil through this area. Combined with the presence of a reservoir ideal for oil production, and a large, extensive anhydrite seal, we remain highly confident that the elements required for a working hydrocarbon system are in place in North West Belize," New World CEO Bill Kelleher commented in a statement.
"As highlighted by B Crest, trap remains the key outstanding element required for success in this area and, with multiple prospects already identified, we believe it is only a matter of time before we locate a trap of significant size and in the process make a commercial hydrocarbon discovery. With this in mind, we look forward to commencing drilling operations in the West Gallon Jug Crest prospect later this quarter for which we are fully funded and where the geologic trap mechanism remains independent of B Crest."
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