Eni reports the Perla find is a world-class gas discovery, one of the most significant finds in recent years, and the largest ever in Venezuela. Drilled in 197 feet (60 meters) of water by the ENSCO 68 jackup, the Perla-2 well encountered 840 feet (260 meters) of net pay in carbonate sequence and confirmed by 700 feet (210 meters) of bottom hole recovered cores. During a production test, the well flowed at a rate of 50 MMcf/d of gas and 1,500 bopd of condensate, and production per well should increase to more than 70 MMcf/d and 2,000 bopd of condensate. Perla has exceeded pre-drill expectations, thus increasing initial resource estimates by 30%, with the potential for further improvement. Eni and Repsol have evaluated options for a fast-track development through an early production test expected to commence in early-mid 2013 with 300 MMcf/d. The Perla field is located in Cardon IV Block in the shallow waters of the Gulf of Venezuela. Repsol, operator, holds 50%; Eni holds the remaining 50% interest.
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