Norwood Resources Ltd. has completed a shallow stratigraphic test well to a depth of 650 feet on location at Maderas Negras to aid with casing design configuration in advance of the drilling of the Maderas Negras-1. Based on geologic and seismic data interpretations, a local rotary drilling rig was employed to drill to the depth equivalent of the 13 5/8-in. casing point to test for the presence of shallow hydrocarbons and potential drilling hazards. Oil shows were logged from approximately 75 feet to bottom and a weak gas show was noted at 650 feet. Fortunately, no drilling or safety hazards were encountered. The Maderas Negras-1, which is programmed to drill to 6500 plus feet is scheduled to commence drilling before the end of March 2008.
Schlumberger International has been engaged to provide future petrophysical logging services for the Maderas Negras and San Bartolo wells. Schlumberger will also design the production testing programs for both wells. Schlumberger's current petrophysical interpretation of the San Bartolo data set identifies additional prospective intervals in the Brito Formation that were not previously identified or tested during last year's program. Additional petrophysical evaluation and the production test designs will be calibrated using 60 - 180 feet of whole core sample, which will be recovered from the Brito Formation in Maderas Negras-1 and analyzed by Core Labs of Houston, Texas. Knowledge gained from the whole core data will also enhance the Company's ability to design a completion procedure that will penetrate the well bore/reservoir interfaces that were damaged during the original drilling at San Bartolo and test virgin reservoir conditions. A similar evaluation of the Las Mesas data set will also be conducted.
The Maderas Negras-1 location is located approximately 2.75 miles north and approximately 3000 feet directly up-dip of the San Bartolo well. Several locations intermediate to these two wells have been identified which would become very prospective as a result of a successful test from either well. The Company's wholly owned drilling rigs are fully operational in Nicaragua and can be employed to pursue these opportunities with little additional preparation or expense.
Separately, the Company announces that Mr. James Charuk has resigned his position as Executive Vice President Exploration. Norwood wishes to thank Mr. Charuk for his considerable contribution to the development of the Company's project in Nicaragua during the past 3 years. Norwood has consolidated this position under the responsibilities of the COO, Mr. Lee DiStefano, whose broader role includes the overall management of the Company's technical and operations programs and development of a competent E&P organization, which will allow the Norwood to effectively implement and manage all current and future projects and to diversify its interests.
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