PetroLatina has announced successful preliminary test results for its Colon-1 exploratory well on the La Paloma block in the Middle Magdalena valley, Colombia. The Company retains an 80% working interest in the Colon-1 well and is the operator.
The Colon-1 well was drilled to a final total measured depth of 9,125ft. Logging results and oil shows encountered whilst drilling indicated that the Upper Cretaceous Umir Formation contained a potentially oil bearing sand from 8,755ft to 8,795ft. This sand has been designated the "F Sand" and initial flow testing of this zone has now been undertaken.
The Umir F Sand section from 8,764ft to 8,795ft was perforated and the well produced oil at significant rates on natural flow. Flows were recorded through various choke sizes and average flow rates and tubing head pressures achieved over time can be summarized as follows:
TOTAL CRUDE OIL PRODUCED ON TEST: 5,899 Barrels
Laboratory analysis has determined that the oil is 22 degrees API at 60 degrees Fahrenheit.
Testing operations are continuing and upon completion of the current flow period the well will be put on an extended shut in period to allow accurate downhole reservoir pressure measurements to be completed. Oil produced at Colon-1 will initially be handled at the PetroLatina operated Santa Lucia field located 12km to the northeast of the discovery which currently has adequate unused production capacity.
The rig has now been moved to the next PetroLatina drilling location, a development well in the Company-operated Los Angeles field which is expected to spud within the next few days.
Juan Carlos Rodriguez, CEO of PetroLatina, commented, "We are delighted with the success of the Colon-1 well, especially as it was the first exploratory well to be drilled on the La Paloma field. The Umir F Sand is of better than expected reservoir quality and the oil quality is also higher than anticipated. The drilling success will in due course significantly increase the Company's existing production volumes, which averaged approximately 261 bopd in 2008, and allows for further development of the La Paloma field where we have identified several additional drilling locations.
"In due course, we expect to be in a position to provide details of the final test results and a preliminary indication of the potential significance of this discovery."
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