The LV-12 well was successfully drilled to a total planned depth of 3,167 feet on January 13th and, according to wireline logs, encountered oil and gas reservoirs in a structural position approximately 130 feet high to the producing LV-10 discovery well. The wireline logs show 136 feet of net hydrocarbon sands in the Caujarao and Socorro formations. The most prospective series of sands are in the middle section of the Socorro formation between 2,460 and 2,584 feet, where 42 feet of net hydrocarbon sands with good porosity and resistivity were logged. PetroCumarebo has set production casing and will begin testing shortly.
PetroFalcon Corporation President William Gumma said, "We intend to run a production test for several days to gather data and then proceed with the drilling of our multi-well development program in La Vela. We are looking at previously untested sands here that, if positive, will increase PetroCumarebo's proven reserves."
PetroFalcon Corporation is a natural resource company currently engaged in oil and gas operations in Venezuela through its wholly-owned subsidiary, Vinccler Oil and Gas, C.A., which owns 40% of PetroCumarebo, S.A., a joint venture with Petroleos de Venezuela, S.A. ("PDVSA"), the Venezuelan state oil company.
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