Harken Energy' subsidiary Global Energy Development has perforated and tested the Upper Mirador zone from 8,263 to 8,267 feet in its Cajaro 1 well on Global's Cajaro Association Contract in eastern Colombia. The Upper Mirador zone, which contains what appears to be 20 feet of producible hydrocarbon thickness, tested at over 700 gross barrels of oil per day. Test results indicate a medium density crude oil, a quality generally desired by oil refineries. The measured density of the crude oil was 33 degrees pursuant to the measurement standards established by the American Petroleum Institute.
Global expects to place the Cajaro 1 well on production by May 15, 2003. Through the discovery and successful testing of the Upper Mirador zone, Global has now established a new productive reservoir in Global's Palo Blanco field. Global also tested the Upper Massive Ubaque formation of the Cajaro 1 well, which it found to not be commercially productive.