Pacific Stratus Energy Ltd. announced that the La Creciente D-1 (LCD-1) well has reached the total depth of 11,450 feet Measured Depth (or 10,711 feet True Vertical Depth at Sub-Sea level).
The petrophysical evaluation indicates a water gas contact at a Measured Depth of 10,869 feet (10,131 True Vertical Depth at Sub-Sea level), 32 feet below the top of the reservoir. As result of this evaluation, 28 feet of net reservoir sandstones have been identified, with a net to gross ratio of 86%, an average porosity of 18.1% and an average water saturation of 38.8%.
The formation pressure recorded at the top of the reservoir was 6,492 pounds per square inches (psi), which is 150 psi lower than the pressure registered at the same depth on Prospect "A". The gas bearing area attributable to this new discovery measures 430 acres.
The Cienaga de Oro Formation consists of 483 feet of well-sorted coarse to fine grain sandstones (upper unit) and an interbedded sequence of silts, shales and fine grain sandstones. The Cienaga de Oro was logged using resistivity, gamma ray and density Logging While Drilling (LWD) tools. The company is now finishing wireline logging and preparing to run and cement the production liner in order to commence formation testing shortly thereafter.
The company also announced that the production facilities at the La Creciente Field have been officially certified by the Ministry of Energy. On December 28, 2007, the company began delivering 35 million cubic feet of gas per day to the Guepaje-Sincelejo main pipe line.
Pacific Stratus has been advised by the Agencia Nacional de Hidrocarburos (ANH) that it has secured the Tacacho Technical Evaluation Agreement. The Tacacho block measures approximately 598,959 hectares and is located in the foreland basin of the Putumayo mountain range, in the Eastern Cordillera of Colombia. The area lies along a prominent structural high that trends North Northwest from Ecuador and continues through the Tacacho block.
The main exploration targets in Tacacho are the tertiary Pepino Formation and the cretaceous sandstones of the Villeta Formation, prolific producers in the Ecuadorian portion of the basin. Oil generation in the Putumayo and nearby Napo basins is renowned and proved, as well as the charge of the petroleum system and trapping against structural highs in combined stratigraphic-structural traps.
A final agreement will be signed within the next 30 days. Work commitments comprise a minimum investment of US$3.0 million to reprocess 640 kilometers of 2D seismic, 4,400 kilometers of aeromagnetogravimetric survey and the acquisition of 100 kilometers of new 2D seismic.
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