Norwood Resources Ltd. reported that it has identified significant hydrocarbons in its third well, the Maderas Negras # 1 well, in Nicaragua. The well was drilled to a depth of 6400 ft to test sands of the Paleocene Brito Formation. Potential net hydrocarbon pay of 138 feet has been identified based on Schlumberger's logs and ELAN processing using criteria limits for porosity of 10% or greater and hydrocarbon saturations of 40% or greater. Porosities in these reservoirs ranged from 10% to greater than 30%. The logging data will be further calibrated to the 60 feet of whole-core sample retrieved during drilling, which is currently being analyzed by Core Labs in Houston, Texas.
The Maderas Negras Brito Formation interval bearing the 138 feet of net pay is the same as in the San Bartolo well, 3 miles to the southwest, where ELAN processing has also identified 172 feet of net pay. Additionally, 387 feet of 'new' net hydrocarbon pay has been identified in the overlying Masachapa Formation in the San Bartolo well. This unit was not targeted in the Maderas Negras well. These hydrocarbons had not been previously recognized due to affect of flushing of near well-bore hydrocarbons by over-weight drilling fluids used in the drilling of the San Bartolo well.
Production testing of the Maderas Negras well will likely commence in July 2008, after the intervals to be completed have been determined. In the meantime, Norwood has commenced operations to re-enter the San Bartolo well. The San Bartolo well will be cased hole logged by Schlumberger and evaluated to determine the need for fracture-stimulation and re-testing of the intervals recommended by Object Reservoir in their review of the 2007 production testing results.
The Company is now moving forward with an extensive testing program to determine the sustained productivity potential and commerciality of these hydrocarbon-bearing formations. Additionally, plans for a separate test of the Masachapa Formation potential are in development.
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