Maurel & Prom (operator 100%) announced that its wholly-owned Colombian subsidiary has encountered a heavy oil bearing reservoir in the Sabanero permit, which was signed on August 2007 with the National Hydrocarbon Agency of Colombia ("ANH"). The Sabanero-1 exploration well in the Llanos central region some 350km south east of Bogota has been drilled to 3,032 ft and proved oil in the Carbonera C7 formation with a thickness of 40ft and a potential yet to be confirmed.
The company is planning to start immediately drilling the deviated exploration well Sabanero-SE1 from the same platform with the objective to prove additional reserves to make the Block commercial. The area around Sabanero-1 is covered with 3D seismic which would facilitate field evaluation and potential development.
This is a positive result in Maurel & Prom's commitment to invest in Colombia beyond the sale of Hocol to Ecopetrol in May 2009, enhancing its track record in exploration success in the Colombian Llanos (Ocelote field) and Foothills basins.
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