President Energy PLC, the operator of Petro-Victory Energy Corp.'s exploration drilling campaign ongoing in Paraguay, announced that the Lapacho well had spud ahead of scheduled date - Sept. 2.
The approximately 4600 meter well is expected to take 70 days to drill, targeting a 1,312-foot (400-meter) section predicted to contain Santa Rosa Formation reservoir sandstone, immediately underlying the Devonian source rock.
The Lapacho prospect has been upgraded by the Operator and significantly de-risked, based on evaluation of the recent Jacaranda well results (drilled 9 miles, or 15 kilometers, to the NE). This potentially proves the existence of the "live" Middle and Lower Devonian source rock and sealing shale, that seismic indicates, overlies the Santa Rosa reservoir targeted by the Lapacho well.
Richard Gonzalez , CEO of Petro-Victory commented:
"The technical knowledge the Operator has gained from the Jacaranda well analysis and subsequently shared with us, proves the existence of live Devonian source rock in the Pirity Basin and improves the risk profile of the Lapacho prospect considerably. After all, the Santa Rosa sandstone target, which both we and the Operator predict lies directly below a live Devonian source rock section at the Lapacho well site, is one of the most prolific gas-condensate reservoirs in neighboring Bolivia where such wells produce in excess of 100 million cubic feet per day with very high associated condensate and NGLs. While we would have preferred to find commercial hydrocarbons by our target depth at Jacaranda, we are very pleased with the geological and petro-physical findings that now add significant confidence to our Lapacho prospect and additional wells, and may give us cause to deepen Jacaranda. We are highly encouraged."
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