Emerald has provided the following update on operations in the Maranta block in Colombia.
The Mirto No.1 well was drilled to a total depth of 11,578 feet and, based on oil and gas shows while drilling and wire-line log evaluation, encountered four potentially hydrocarbon bearing intervals. Flow tests have been conducted on three of these intervals, with one interval flowing at a material oil rate. The fourth interval is currently being tested.
The Cretaceous aged Caballos sand interval of 120 feet gross (52 feet net), with an average porosity of 13%, was flow tested with only formation water recovered at an average rate of 112 barrels per day.
The Cretaceous aged Villeta T sand interval of 36 feet gross (27 feet net), with an average porosity of 17%, was flow tested with an average oil rate of 8 barrels per day with a water cut of 97%.
The Cretaceous aged Villeta U sand was encountered at 11,030 feet with a gross interval of 80 feet (65 feet net sandstones) and an average net porosity of 17%. An interval of 20 feet at the top of the sand was flow tested through a 128/64 inch choke, under artificial lift using a jet pump, at an average oil rate of 731 barrels per day of 32.5 degrees API crude over a 48 hour period with an average water cut of 26%, which may have been the return of fluids lost to the formation while drilling.
The Cretaceous aged Villeta N sand interval of 7 feet gross (7 feet net) was encountered at 10,405 feet with an average porosity of 14% and is currently being tested.
Emerald's Chief Executive Officer, Angus MacAskill, said, "We are very pleased to have discovered and flow tested oil in the Mirto No.1 well, the Company's first exploration well in the Putumayo region in the south of Colombia. We look forward to the results of the flow testing operations in Villeta N, the final sand to be flow tested in this well."
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