Alange has confirmed the second successive discovery in the Copa-1 well that was drilled to explore the prospectivity of the Carbonera C5, C7 and C3 formations in Polygon C of the Cubiro Block. In the most recent discovery, the Company found the top of the Carbonera C3 sandstones at a depth of 4,230 feet true vertical depth sub-sea ("TVD SS"). Preliminary petrophysical evaluation of the well data indicated a net pay zone of 6 feet with porosities of 27.5% in the C3 formation. Production tests have shown an initial rate of 120 barrels per day of 37.3 degrees API oil with 0.6% BS&W, on natural flow. If Copa-1 were completed on C-3 using an electro-submersible pump, management simulation projects 1,200 barrels per day of production at 48 Hz of frequency, with bottom hole pressure of 1,450 psia and 2,800 feet of submergence.
Luis E. Giusti, the Company's Chief Executive Officer, stated that "as a result of our exploration success with the Copa-1 well, we are continuing our appraisal efforts in Polygon C with two further wells, Copa-2 and Copa-3, on schedule to spud on May 20th and June 21st."
As previously announced on May 3, 2010, the top of the Carbonera C5 formation was found at a depth of 4,440 feet TVDSS (with 13 feet of net oil sand) and tested an initial production rate of 854 barrels per day of 40.4 degrees API oil with 0.6% BS&W, on natural flow. The Copa-1 is a vertical exploration well, drilled to a final depth of 6,383 feet TVDSS. The Company also plans to continue testing the well on the C7 formation. The top of the Carbonera C7 sandstones was found at a depth of 4,717 feet TVDSS, with petrophysical evidence showing 10 feet of net pay zone. All three formations, with a total vertical oil column of 44 feet, represent new discoveries within the Cubiro Block.
The Cubiro Block, located in the Llanos Basin of Colombia, is an asset in which the Company holds working interests of 60.5%, 70% and 25% in Polygons A, B and C, respectively.
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