The company estimates that it will take 45 days to reach the final depth of 10,000 feet; the drilling targets are at a depth of 9,004 feet and 9,798 feet and consist of 155 feet of the sandy sequence of the Mirador Formation and 104 feet of interbedded partially conglomeratic sandstones of the Ubaque Formation, respectively. The company estimates 21% and 17% porosities for each reservoir, based on nearby analogs.
The company is the operator in this block and originally had a 60% working interest, which it has subsequently increased to 80%. By drilling this well, Pacific Stratus will have fulfilled the second phase of its contractual commitment with the Colombian Hydrocarbons Agency, the grantor of the Moriche association contract.
Pacific Stratus Energy is a Canadian-based oil and gas company that initiated operations in 2004. The company is focused on identifying attractive opportunities primarily within the upstream Sub Andean basins. Pacific Stratus has a current net production of 2,500 barrels of oil per day, with working interests in the Caguan, Dindal, Rio Seco, Puli B, Doima (currently under dispute), La Creciente and Moriche blocks in Colombia. The company has offices in Toronto, Caracas and Bogota.
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