The drilling rig and ancillary equipment is currently in transit from the recently drilled Huaya 100-1X site to the Huaya 100 - 2X site. Further, the 9-5/8ths inch and 8-1/2 inch casing required to drill and complete the 100 - 2X well has arrived in Lima and is currently passing through customs. The BJ Hughes and Schlumberger equipment used on the Huaya 100-1X remains in the field and are in the process of being transferred to the new site, approximately 300 meters away to the north. The drilling contractor is scheduled to arrive in Lima and then mobilize to the site in time to spud the well according to schedule.
The Huaya 100-2X well, according to CCP geologists, is located in an optimum position to encounter the primary target Vivian Sandstone at a structurally higher position than the recently drilled 1X well and the original 4X discovery well. The 1X well encountered the Vivian Sandstone at 807 feet (318 feet below sea level), and the operator confirmed that an oil bearing zone has been identified in an interval within the Vivian from 807 to 821 feet, indicating 14 feet of net pay.
According to Radial COO, Omar Hayes, "The geological and petrophysical information gained from the drilling of the Huaya 100-1X well has, coupled with the existing seismic data on file, given us a better idea of the geometry of the field and in particular helped us determine the axis of the structure. With the drilling rig performing well, and the drilling program improved based on the experiences with the 1X well, we feel confident that the Huaya 100-2X well will be drilled and completed in short order" adding, "with each well we drill, we get a better idea of the dimensions and extent of the reservoir."
Radial Energy identifies, acquires, and develops low risk oil and natural gas exploration and development opportunities throughout the Americas. The Company's innovative strategy involves targeting overlooked or under-developed reserves that are under the radar of multinational oil companies and out of the reach of small independents.
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