Solimar Puts Maricopa-7 On-Stream
Solimar Energy Limited has announced the success of the second well in the San Joaquin Basin, Wellington Maricopa-7, that is now producing 20.6 degree API gravity oil at a daily rate of between 17 to 22 barrels per day and water at 152 barrels per day.
Maricopa-7 is the first appraisal well at the Maricopa Project and follows the discovery well Maricopa-6 earlier this year. This success will lead to additional drilling where follow-up locations in the Project area have been identified, including a further three vertical well locations and possibly two horizontal locations in the original 40 acre leasehold.
The Company has increased its acreage position from 40 to 120 acres providing an additional 80 acres that may have further potential for subsequent follow-up drilling. Solimar Energy is presently conducting an expanded geological study to assist in identifying possible drilling opportunities and enhance their understanding of the area.
An oil services firm has been chosen to help design and install permanent production facilities at the site. There are also plans to install a water disposal line to a nearby facility.
The combined oil production from the Maricopa-6 and -7 wells is expected to be in the range of 50 to 55 barrels of oil per day. This oil is being sold to Kern Oil & Refining Co. at about US $100 per barrel. Solimar Energy's share is fifty percent.
Solimar Energy has a 50% interest and is Operator of the Maricopa Project. Sunset Energy also has 50% interest in the project.