Huaya 100-1X Well Reaches Total Depth

The Huaya 100-1X well on block 100 in Peru's Ucayali basin has reached total depth of 926ft (282m), Houston-based Radial Energy (OTC BB: RENG) said in a statement.

Radial has a 23% interest in the block and Peruvian consulting group CCP 67%. Houston-based Ziegler Peru has 10% and is acting as drilling contractor.

Total depth was reached on March 17 and logged the following day by US oilfield services company Schlumberger (NYSE: SLB).

The well encountered the primary Vivian Sandstone target at 807ft and an oil-bearing zone has been identified in the interval from 807-821ft.

"The oil-water contact in the well, as determined from the shows and log interpretation, correlates to the oil-water contact in the offset Huaya 4X discovery well, which production tested 39 gravity oil, indicating reservoir communication between the two wells," the statement said.

Ziegler Peru is preparing the site for drilling of Huaya 100-2X and preparing to move the rig and equipment to the site. The company aims to spud the well within 30 days.

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