Petro Vista Energy announced that the Morichito-5 well in Colombia has tested oil in two zones and is being completed as a future producer.
The well was drilled to a total depth of 6,160 feet. Logging has identified three potential pay zones at the location with a combined net pay thickness (based on detailed petrophysical analysis) of approximately 16 feet. Swab testing and drill stem tests have been carried out on two Carbonera C7 reservoirs so far. The lower Carbonera C7 reservoir was swabbed at a rate of 375 barrels of oil per day of 23 degree API oil with no water cut. This zone exhibits excellent reservoir quality including high porosities and permeabilities as evidenced by excellent pressure build-up (shut in pressure of 2069 psi). Engineering analysis indicates that this zone has the potential to produce at rates of up to 1,000 bopd using artificial lift methods. The Company is currently evaluating fast track production options.
The other zone that tested oil is in the upper Carbonera C7 reservoir that shows similar excellent log characteristics and potential as the lower zone. The other potential pay zone identified is in the Carbonera C1 formation that is also productive in the area. This zone will be evaluated at a later date.
The Company currently holds a 50% participating interest in the Morichito Block subject to a 25% farm-in agreement with Petroamerica Oil Corp.
Read B Taylor, President and CEO, commented, "We are very pleased with the discovery which resulted from the use of Amplitude Versus Offset (AVO) seismic mapping techniques which we believe will be useful in prospecting the remainder of the Block. Our goal now will be to bring this discovery on stream as quickly as possible."
Colombia continues to be a key focus area for Petro Vista for production and reserve growth. We remain committed to our efforts in Colombia in the Morichito Block as well as our remaining assets, including the La Maye and SSJN-5 blocks in the Lower Magdalena Valley Basin. The Company is also nearing the completion of an appraisal / development well in its Tartaruga project in Brazil and hopes to announce the results shortly.
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