Alange provided an update on the drilling of Topoyaco-2, one of the first two exploration wells being drilled in the Topoyaco block, located in the Putumayo Basin of Colombia. The Topoyaco-2 well, spudded on August 8, 2010, is being drilled to explore the prospectivity of the Villeta and Caballos Formations in the block. The objective is to drill the structure known as Prospect C, with calculations of prospective resources certified by Petrotech Engineering Ltd. in its report dated effective April 30, 2010 of 19.2 MMbbl (best estimate).
As of October 3, 2010, the Villeta Formation is being drilled at a depth of 8,040 feet measured depth (MD), with a 7-inch hole. The shoe for the 8 5/8" casing was set at 7,118 feet MD in the lower Rumiyaco formation. The top of the Villeta Formation was encountered at 7,354 feet MD, 6,075 true vertical depth (TVD), 92 feet shallower than anticipated. The well encountered reservoir quality sandstones with hydrocarbon shows in several zones during the drilling of the Upper Villeta N sands with a mud weight of 9.9 lbs/gallon, with initial log interpretations indicating potential oil pay. Observations based on the gamma ray log indicate 87 feet TVD of sandstones, and 29 feet TVD of carbonate intervals, which have shown oil stains, light yellow and bluish fluorescence, as well as a rapid mud cut. This observation together with the mud gas chromatography, indicates the presence of light/medium oil. This was corroborated by events during the early hours of October 2, 2010 when the well gushed significant amounts of oil clearly visible in the shale-shakers and the mud tanks, prompting the need for an increase in the mud weight to 10.4 lbs/gallon in order to ensure effective control of the well.
Luis E. Giusti, the Company's Chief Executive Officer, stated, "These are very significant and promising indications, which appear to prove the expectations in Villeta, but there is still plenty of work ahead in this well, in order to have a thorough and definitive evaluation, including the Caballos prospect. We are extremely pleased with these results."
The Company plans to drill a 7-inch hole down to a total depth of 8,510 feet MD, 100 feet of it still in the Villeta Formation, 270 feet MD of the Caballos Formation and 100 feet MD into the Motema Formation (basement). The sections yet to be drilled in the U and T sands of the Villeta Formation, which are producers in nearby fields, as well as the Caballos Formation, are believed by the Company to be of high prospectivity.
The Topoyaco-1 well aimed at Prospect B, which was spudded on July 28, 2010, is currently drilling at 6,309 ft MD in the Villeta Formation, and will continue to an estimated total depth of 6,700 ft MD. The target formations of this overthrust prospect are the same as Topoyaco-2. The preliminary cuttings in this well are showing good fluorescence.
The Company will provide updates on both wells as they progress. The Company's strategy is to continue to explore its portfolio with the objective of steadily increasing its resource base and production rate in the near term.
The Topoyaco Block, located in the Putumayo basin of Colombia, is an asset in which the Company holds a working interest of 50%, partnering with Pacific Rubiales Energy Corp. and has control of the operatorship. With an area of over 60,000 acres, the block constitutes the largest unexplored portion in that zone of the foothills of the Andean mountain chain, in a trend that has been highly prolific in many fields, including Costayaco, Mary, Linda, Toroyaco, Juamambu, and Azar.
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