PARAGUAY Curupayty Block (Chaco Equity 100%) Reprocessing of existing seismic lines commenced in late March and is proceeding on schedule for completion in early July. Interpretation of the seismic is then scheduled for July and August. With interpretation complete the company will then review the results and decide whether to proceed to drilling or proceed with a farmout campaign.
San Pedro Block (Chaco Equity 100%) Data collection is continuing prior to commencement of seismic re-processing. Some difficulties were encountered in locating the old seismic tapes but these have now been located in the U.S. and are currently being copied.
Canindeyu Block (Chaco Equity 100%) This block is still pending award from the Paraguayan Government.
COLOMBIA Platanillo Block (Chaco Equity 25%) Joint venture (JV) meetings have been held recently with the operator, Ecopetrol, and the operating team put in place. Rig availability is currently being evaluated and seismic re-processing of Alea data is about to begin. Ecopetrol has offered the JV a drilling slot in its current contract with a helirig but is also seeking a cheaper option. Re-entry of Alea 1 is scheduled to commence in fourth quarter 2006. In the interim the environmental impact study is underway.
Puerto Lopez Oeste Block (Chaco Equity 54%) Re-processing of existing seismic data commenced in late March. Preliminary indications are that a Mirador stratigraphic trap is not present, but a conventional Mirador fault play has been indicated in the block. Further re-processing of the data and final interpretation will be required before the size and shape of this feature can be determined. This is scheduled to be completed in late July.
After the interpretation is complete the JV will then program and shoot a minimum of 100 kilometers of new 2D seismic to properly delineate the prospect. This is likely to occur in August and September, with processing and interpretation to follow in October. The nearest Mirador fault trap is the Apiay Field of approximately 100 million barrels located roughly 80 kilometers west of the Puerto Lopez Oeste Block. A decision whether to proceed into the next year and drill one well is required in December.
Primavera Block (Chaco Equity 55%) The Primavera E&P Contract was signed by the operator, Argosy Energy International, on May 9, 2006. This block covers an area of approximately 146,000 hectares in the northeastern part of the Llanos Basin.
Ten undrilled leads and structures have been previously mapped in the block, with indicated areas of closure ranging from 4 to 40 square kilometers.Re-processing and re-interpretation of seismic will be required to confirm this mapping.
A number of wells were drilled some years ago immediately to the east of the Primavera block, all of which appear to have been off-structure and most of which appear to have been prematurely terminated above the prospective Mirador reservoir. Many of these wells had oil shows and one, El Miedo 4, did not reach the Mirador Formation but recovered 97 barrels of 19°API oil from the Carbonera Formation, an Eocene Formation that overlies the Mirador.
The main Mirador reservoir of Eocene age lies at a depth of less than 4,000 feet in the block, and after mapping is complete two structural targets will be selected for drilling commencing late in 2006.
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