The company estimates that it will take 45 days to reach final measured depth of approximately 12,000 feet and a further 15 days to complete and test the well. The LC-2 drilling target is the Cienaga de Oro Formation 3 kilometers northwest from the La Creciente-1 discovery well that encountered 590 feet of gas-bearing sandstones with an all open flow potential exceeding 200 million cubic feet per day. New 3D seismic interpretation and correlation shows an increase of gross thickness of the Cienaga de Oro Formation at LC-2.
Jose Francisco Arata, Chief Executive Officer stated, "We are all very excited to resume drilling prospect A and are now preparing to tie in both wells to the Guepaje - Corozal pipeline as soon as possible to commence early gas production and sales."
Pacific Stratus holds a 100% interest in the La Creciente Block under its 2004 contract with the Agencia Nacional de Hidrocarburos (ANH) of Colombia. The phase 1 commitment of this contract that called for 150 kilometers of seismic acquisition by Pacific Stratus was completed in 2005, phase 2 was completed by drilling LC-1 and now the company is initiating phase 3, ahead of schedule, by drilling LC-2. Recently the company also completed an additional 140 square kilometers of 3D and 70 kilometers of 2D seismic acquisition to pinpoint future drilling locations. Upon completion of LC-2 the company will proceed to obtain commercial approval of the field and move the rig to drill La Creciente-3 down dip from the structure of Prospect A to seek the as yet undetected water contact.
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 2,200 barrels of oil per day, with working interests in the Caguan, Dindal, Rio Seco, Puli B, Doima (currently under dispute), La Creciente, Moriche and Guama blocks in Colombia. The company has offices in Toronto, Caracas and Bogota.
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