Pan Andean has started the seismic survey in the 100% owned Antorcha Block, located in the prolific Middle Magdalena Basin of Colombia. The block license was signed in November 2007, after which Pan Andean accelerated an exploration program to confirm the block's prospectivity, with the objective of drilling by the end of 2008.
Regional studies and surface geological work are complete. Pan Andean is finalizing seismic reprocessing of 7 existing seismic lines. Adjacent well data has also been interpreted.
A new 2D seismic survey campaign started in May 2008 and will cover c.60km and take approximately 2 months to complete. Once completed, Pan Andean expects to identify the optimal locations for drilling by July 2008.
Antorcha neighbors an existing conventional oil producing area, operated by the state petroleum company Ecopetrol.
The Antorcha block is located up dip of existing oil producing fields, the Velasquez-Palagua field with more than 300 million barrels of oil reserves and the Teca-Cocorna-Nare-Jazmin heavy oil field with more than 1,000 million barrels of oil in place. Preliminary studies suggest significant undiscovered heavy oil potential at shallow depths of less than 2,000 feet.
Between 1 and 2 billion barrels of oil in place could exist on the block with 100 to 300 million barrels of recoverable reserves, using parameters of nearby fields i.e. porosity 20 - 25%, oil saturation 60%, average net oil thickness of 100 - 200 feet, recovery factor of 10 - 15%. Expected crude quality could be in the range of 10° to 20° API.
Subject to confirmation of drillable targets and well rig availability, a drilling program will be undertaken by end 2008.
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