Chaco to Conclude 2D Seismic Reprocessing by August
UK oil and gas company Chaco Resources plans to complete the reprocessing of existing 2D seismic data on its 100%-owned Curupayty block in northern Paraguay by August, the company said in a report.
The reprocessing began in late March and includes 1,800km of seismic shot by US oil company Texaco in 1978 and 817km by US oil company Phillips in 1994.
"Chaco believes modern seismic recording and processing techniques will enable the company to understand the structural development of the area better than previous operators," the report said.
So far the block has exhibited either gas or oil shows in poor reservoirs "or good potential reservoirs which have not yet received a hydrocarbons charge," according to the report.
The company will review the results of the seismic reprocessing and decide whether to drill or proceed with a farm-out campaign to bring in a partner.
The block has three wells, Toro 1, Gato 1 and Pantera 1. Toro 1 and Gato 1 were both drilled by Texaco and showed hydrocarbons but tested unsuccessfully. Pantera 1 was drilled by Phillips, which discovered good reservoir potential but no hydrocarbons showings.
Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
- Bolivia: Four Companies Operating Under New Contracts (Jun 27)
- Chaco Announces Name Change, Share Placing (May 24)
- Chaco Acquires Stake in Middle Magdalena Block (Apr 25)