South America-focused oil and gas producer and explorer Amerisur Resources Plc announced Friday the spudding of the Jaguareté-1 well, located in the San Pedro block within the Parana basin in eastern Paraguay.
The well, which was drilled using the Quieroz Galvao QG-1 drilling rig, is expected to take approximately 40 days to reach an estimated total depth of 10,000 feet. Targeting the Santa Elena and Lima formations of Devonian age, the well carries prospective resources of 106 million barrels of oil. The dry hole cost, including the logging of the well, is expected to be approximately $9 million.
Amerisur Resources CEO, John Wardle, said in a company statement:
"We are delighted to have commenced the drilling of Jaguareté-1 in the San Pedro block, the first exploration well in our active, fully funded 2016 work program. Jaguareté-1 is an exploration well which carries risk in this new basin. I look forward to an efficient execution of the program and hope for positive results.
“The well, on success has the potential to open up a new petroleum province in a country where Amerisur holds an attractive acreage position of approximately 4.8 million hectares covering four 100 percent owned oil and gas permits. Our work to date suggests that all necessary conditions are present for a commercial hydrocarbon discovery in our blocks in Paraguay and we look forward to updating shareholders in due course on the results."
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