Pantera Petroleum, Inc. reported that the Company has entered into an agreement with T.B. Berge, P.G., for the reprocessing of approximately 170 miles of 1993 Phillips Petroleum 2-D seismic data and 30 miles of 1971 Texaco 2-D seismic data, located on our Pantera Concession in northern Paraguay, with plans to reprocess additional existing seismic data thereafter.
The Company has five concessions (Pantera, Tagua, Toro, Cerro Cabrera, and Bahia Negra) covering nearly 4 million acres in the Chaco Basin, spanning both the Curupayty and Carandayty Sub-Basins. The Pantera Concession, 1158 square miles in area and located in the Curupayty Sub-Basin on the border with Bolivia, is highly prospective and should yield excellent prospects and leads. It is located in the center of the Sub-Basin in the area most prospective for oil production due to slightly lower temperature in the source rock. This is confirmed by the Phillips Pantera-1 well, drilled in 1995. Phillips had identified two prospect leads on what is now the Pantera license, and there is sufficient additional area within the license to yield even more prospects. Based on the analogous fields in Bolivia and Argentina, the Curupayty Sub-Basin is projected to contain a base case potential of 1.5 billion barrels oil (if oil is generated) or 9.1 TCFE gas in 36 fields.
Management has designed an exploration program to cost effectively evaluate our concessions that includes first reprocessing existing seismic on priority sites, designing and executing a new 2-D seismic program based upon the reprocessed data, and then selecting sites and commencing exploration drilling. Where appropriate, we will incorporate surface geological investigations and aeromagnetic surveys, correlating their results with the seismic data to optimize the drilling program.
The exploration plan will allow proper seismic evaluation of the concessions before drilling begins. An initial six well exploration program is contemplated. The strategy is to schedule the drilling so that information from the first well may be incorporated in the execution of the remaining program. Average well depth is forecast at 2500 meters, but may vary depending on position in the Sub-Basin.
Primarily Devonian Los Monos and secondarily Silurian Kirusillas shales are the source for most of the known hydrocarbons in the Chaco basin. Both are mixed oil and gas prone source rocks. In the interior of the Sub-Basins the temperatures are cooler, and the Devonian is interpreted to be in the oil generation window. The deeper Silurian is hotter and more mature and in the gas generation window. The primary reservoirs are expected to be amalgamated fans and channel sandstones of the Carboniferous Tarija and Tupambi formations. These strata are the main producing reservoirs in the Chaco Basin and have been penetrated in the Curupayty and Carandayty Sub-Basins with good reservoir thickness and porosity.
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