The company reports that after penetrating through the heavy clays of the Pozo Shale, the operator achieved a depth 165 feet with a 12 1/4-inch hole. Due to the drilling conditions encountered, the operator elected to continue drilling with an 8 1/2-inch pilot hole to current depth. The operator reports that the hole is in excellent condition.
The well is being drilled to test a mapped structural closure, which an independent reserve assessment conducted by Boulder, Colorado-based Gustavson Associates estimates may have trapped significant oil reserves, including 15.3 million gross barrels of oil classified as Proven Undeveloped. The company plans to reach a target depth of approximately 950 feet, at which point logging and testing activities will commence.
Chief Operating Officer Omar Hayes remarks, "We are pleased to have reached the 235-foot mark and despite relatively slow progress are pleased with the strides made to-date and are looking forward to logging the well to determine its full potential once drilling is completed."
Radial Energy identifies, acquires and develops low-risk oil and natural gas exploration and development opportunities throughout the Americas. The company has rapidly assembled an impressive portfolio of oil and gas plays including working interests in two separate oil and gas prospects located in Cherokee County, Texas, as well as in the Block 100 oil project located within the Huaya Anticline area in the Ucayali Basin of eastern Peru. The company has also executed a Letter of Intent to acquire rights to explore and develop oil reserves on the Bosques Block play located in the prolific Middle Magdalena Valley of Colombia. The company targets prospective oil and natural gas opportunities in historically productive regions with a primary focus on identifying previously drilled but undeveloped exploratory wells that, due to factors at the time of initial drilling including the absence of pipeline infrastructure, lack of modern recovery technology, poor geological or engineering interpretation or low oil and gas prices, were not fully exploited.
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