Pinuna Field Drilling Program in Colombia to Start by Year-End

Suroco has announced that the operator of the Suroriente block in the Putumayo Basin of Colombia has signed a letter of commitment to enter into a contract with San Antonio International whereby San Antonio has agreed to provide a drilling rig for a minimum of a two well program.

Development drilling in the Pinuna field is expected to start in late December or early January 2009 at the Pinuna 2 well location. The Pinuna 2 well will be drilled from the Pinuna 1 surface location and will be targeting
the same reservoir in an updip position approximately 600 meters in a northerly direction from the surface location. The Pinuna 1 well is currently producing approximately 1,000 boe per day of 32 API oil. In addition to the Pinuna field development drilling program, a 3D seismic acquisition program commenced recently over the nearby Cohembi field. This is currently a single well pool, with the Cohembi 1 well producing approximately 1,000 boe per day on natural flow. It is anticipated that one or more development wells will be drilled in the Cohembi field in 2009.

After completion of the initial Pinuna development drilling program, the Corporation anticipates there will be a second drilling phase, expected to take place in late 2009, once the new 3D seismic and drilling results in the
Pinuna field have been fully evaluated. In total, it is expected that as many as five or six development wells will be drilled in the Suroriente block during 2009.

The Corporation currently owns indirectly, through a wholly-owned subsidiary, a 10.3% interest in the Suroriente block (19.8% paying interest) and, as described in the Corporation's October 8, 2008 press release, has
recently signed a definitive agreement to acquire an additional 5.5% interest (10.6% paying interest) in such Suroriente block.

 


 

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