March Resources Corp. reported progress of the drilling of the Pica #1 well in Chile. March previously spud the well on January 21, 2008 and has successfully set the surface and intermediate casing strings. They are presently drilling at approximately 1,600 metres depth. The drilling operation to date has gone extremely well, although the drilling was slower than expected through the volcanic tuff rocks previously encountered uphole of this depth.
March reported that they are the first company to have penetrated the Jurassic aged beds in Northern Chile. Previous attempts by other operators never got out of the Tertiary age sands. March is anticipating that we will reach a total depth of between 3,200 and 3,500 metres within the next 14 to 21 days. Once total depth is reached the Corporation will log the well and prospective zones identified from logs and drill cutting samples will be completed and tested. The results of the logging and testing will be released as they become available.
Drill cutting results to date support the stratigraphic model for this location and are consistent with the geological and 2D seismic modeling previously completed prior to initiation of drilling at Pica #1. These preliminary results and observations have increased the confidence that March has in the outcome of this well. Drilling costs to date for Pica #1 are within budgeted amounts for this well. With the operational knowledge obtained from this first well, March anticipates that they will be able to drill the Pica #2 well even more cost efficiently. March has a 100% interest in the prospect.
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