A 2,500-foot exploratory well was drilled and encountered multiple oil and gas bearing horizons in the Diatomite and Etchegoin Formations. A 27-hour multi-rate gas flow test of the Etchegoin Formation was conducted at rates of up to 810 Mcf per day with a stabilized flowing tubing pressure of 572 psi on a 20/48-inch choke. Based on testing, logs and core data, Ivanhoe Energy estimates that the well has over 250 feet of oil and gas bearing formations that are capable of production. The data also indicates that the reservoir has good porosity and permeability with no reservoir boundaries encountered by the test. The testing of this zone will be followed up with future well locations to test additional zones.
"This is an encouraging well drilled in an old producing area, which has been overlooked for exploration," said Leon Daniel, Ivanhoe Energy's President and CEO. "This exploration is consistent with our strategy of exploring for oil and gas in low risk areas where production can be achieved quickly." The well is located near existing pipelines and Ivanhoe Energy is discussing natural gas sales contracts with several potential gas purchasers in the area.
Ivanhoe Energy is the operator of the well and owns a 24% working interest in the well and the 370-acre prospect. The well is located at the north end of Cymric Oil Field in the San Joaquin Basin of California and is about 12 miles south of Ivanhoe Energy's discovery earlier this year at the Peach prospect near Antelope Hills, California.
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