Petro Vista has commenced drilling operations on a new development well 7-TTG-1DP-SES at the Tartaruga Oil Field in Brazil.
Operations began today with the arrival of a Coil Tubing Unit (provided by Halliburton) to conduct pre-drill operations. The drilling rig is expected to arrive on December 17, 2009 to begin rigging up prior to the holidays. Planned spud date is on or about January 2, 2010 and the total planned depth of -3315m on the well is anticipated to be reached by January 30, 2010. If successful, the well will be immediately completed as a production well tied into existing facilities.
Petro Vista has a 27.3% net revenue interest in the new development well in addition to its share of production in the existing producing well. UP Petroleo Ltda is operator of the block and Petrobras, the Brazilian state oil company, also hold a working interest. The Tartaruga field was originally discovered by Petrobras in 1994 and has been producing for over 15 years.
The proposed development well is planned to target the crest of the 4 way faulted anticline structure defined by 3D seismic. The well will penetrate a prospective section of multiple "stacked" reservoirs (from 6 to 27 individual sands) approximately 250 m SW of the current producing well and is expected to be approximately 40-50m updip. One of these sands had an initial production rate of 855 bopd and 539mcfd. Closures at these sands range from estimated 200 acres to 750 acres.
The crude oil is light high quality 41 degree API. Existing high quality field facilities are in place including the tank batteries and separators. The crude oil is currently being trucked and, once higher production rates are established, it is planned to construct a tie-in to an existing pipeline approximately 5 km to the West of the Tartaruga Block.
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