March Resources Corp. announced that Pica #1 has reached its total depth of approximately 3,110 meters. The well is currently being prepared for logging and will be logged over the next few days. Once logging operations are complete and the logs have been analyzed, the identified prospective zones will be perforated with the drilling rig on site and flowed if possible. At this time there will not be sufficient equipment on the site to fracture stimulate the zones or to properly flow test them. Once a stimulation program has been finalized, the necessary equipment will be procured and mobilized to the site. A full testing program will be conducted at the same time. Testing and analysis of the gas samples and drill cuttings taken from the bottom section of the well are also currently being completed.
The results of the logging and completion programs will be released by March as they become available. It is anticipated that the logging and perforating operations will take approximately 14 days to complete.
March intends to complete Pica #1 and move immediately to the drilling of Pica #2. The well site construction for Pica # 2 has been completed and March anticipates that Pica #2 will spud within 10 days of the completion of the testing of Pica #1. March has also begun preliminary work to drill a third well in the Pica North Block. March has a 100% interest in both the Pica North and Pica South Blocks which in total cover 2.5 million acres.
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