Maple Energy announced that on June 26, 2009, the Company commenced drilling the first well in the Santa Rosa oil prospect in Block 31-E in Peru (the "Santa Rosa 1X Well").
The Company is using the Maple Rig 1, its new 2,000 horsepower heli-transportable drilling rig, to drill the prospect. Maple intends to drill the Santa Rosa 1X Well to a total depth of 14,750 feet, and expects to achieve this total targeted depth in approximately four to six weeks. The total cost to drill and complete the Santa Rosa 1X Well, including the cost of the related base camp, is estimated to be approximately US $17 million.
The drilling of the Santa Rosa 1X Well is complex and will involve multiple stages. In the first stage of drilling operations, Maple plans to drill to a depth of approximately 2,500 feet at which time it will set the surface casing and install the blow-out preventers. Once this initial stage has been completed, the Company will continue to drill to an approximate depth of 8,400 feet and will set the first intermediate casing at that depth on top of the Cretaceous Period formations. Maple expects that it will take approximately two to three weeks from spudding the well in order to reach this depth and set the first intermediate casing.
The Company believes that hydrocarbons may be discovered in two separate reservoir intervals: the Cretaceous Period formation sands; and in various Paleozoic Period formations. Maple expects that the earliest point at which it could reach the Cretaceous interval is two to three weeks following the initial spudding of the Santa Rosa 1X Well. The Company aims to achieve its total targeted depth of 14,750 feet within approximately four to six weeks of spudding the Santa Rosa 1X Well.
Rex Canon, CEO of Maple Energy, commented, "The spudding of the Santa Rosa 1X Well marks an important milestone for Maple in exploring for hydrocarbons in Block 31-E. We remain optimistic about the potential for this prospect and look forward to reporting on its progress over the coming weeks."
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