Initial petrophysical analysis of the available data obtained from the open hole is considered by Global to be encouraging and Global is now proceeding to complete and test more than one potentially oil productive zone.
The Tilodiran #2 well is located approximately 2,200 feet northeast from and in a geologically favorable position updip to the Tilodiran #1 well, a producing well on the Contract first drilled by another company in 1986 and then re-completed and placed onto production by Global in December 2004.
The Rio Verde Contract, subject only to an initial 10.5% royalty, is one of seven contracts Global now holds in Colombia all of which are 100% owned by Global.
"The Tilodiran #2 well has been directionally drilled successfully to intercept five potentially oil productive formations, namely the Mirador, Barco, Guadalupe, Gacheta and Ubaque," indicated Stephen Voss, Managing Director of Global Energy Development PLC.
"Gas chromatograph data acquired during drilling measured proportions of methane, ethane, propane, butane and pentane, with these being indicative of movable hydrocarbons from each of the five target formations. Electrical and nuclear petrophysical characteristics of these zones acquired subsequent to drilling have provided further encouragement for Global to proceed with the installation of casing and commence testing operations.
"Given the number of zones that Global is proceeding with testing, completion operations may require several weeks before final results are known but Global will look to accelerate its operations on the Tilodiran 2 well as much as possible," said Stephen Voss.
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