The Massive Ubaque zone, which according to third party log analysis contains at least 14 feet of producible hydrocarbon thickness, tested at a maximum rate of 960 gross barrels of oil per day. The measured density of the crude oil was 16 degrees pursuant to the measurement standards established by the American Petroleum Institute. Global expects to place the well on production by month end.
The Massive Ubaque zone is a new producing formation for the field and provides added enthusiasm for future development. Through the discovery and successful testing of the Massive Ubaque zone, Global has now established a third producing reservoir in Global's Palo Blanco field. In addition to the Massive Ubaque, the Upper Mirador and Upper Ubaque are also productive in the field. Both the Upper Mirador and the Upper Ubaque had excellent shows during the drilling of the Estero 4 and will likely be tested in the future. Global owns a 100% working interest in this well.
Global plans to drill two additional wells in this field this year.
Presently the geologic maps are being updated to include the latest data from the Estero 4 well. The independent engineering studies on this field already reflect five additional locations to be drilled in the Palo Blanco field in the future.
Commenting on the Estero 4 test results, Alan Quasha, Chairman of Harken stated, "We are pleased with the test results of the Estero 4 well and the immediate positive impact it will have on Global's future cash flows. As geology is not an exact science and while we must caution that we are still in the testing phase, the results from this well appear to be very good news. This well adds a new third zone in Global's Palo Blanco field. Our main objective with this well was to find commercial quantities in both the Mirador and Upper Ubaque zones, which we appear to have done. We also had unexpected shows in a new zone, the Massive Ubaque, and preliminary results indicate that production from this zone alone will significantly increase Global's current daily gross production from its current level of approximately 1325 gross barrels of oil produced per day. The test results from the Estero 4 well reinforce our belief that the Palo Blanco field alone provides great future potential for Global. Our decision to drill at least two more wells there this year demonstrates our confidence in Palo Blanco's potential."
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