Gold Oil: Peruvian Exploration Well Logs Total Depth, Prepares to Test

London-based Gold Oil Plc said Monday that it was preparing to production-test its first exploration well, SA-1X, in Peru drilled on the San Alberto prospect in Block XXI. SA-1X spudded on July 11 and reached total depth of 5,113 feet on August 3.

The objectives of the well were the Tertiary Verdun sands that produce gas in Olympic's Las Casita gas field 20 km to the west of SA-1X and the deeper fractured Paleozoic quartzites that produce oil in PetroTech's offshore San Pedro field 50 km to the west. Logging and drilling results in SA-1X and regional information require that both the Verdun and Palaeozoic are production-tested.

After circulating to completion fluid and running a liner over the Paleozoic, the drilling rig will be moved off-location. After clearing the location, a workover hoist and test facilities will come on to the location.

The objective is to test the extensive Paleozoic quartzites and the thick Tertiary Verdun sands. The latter were logged and cased off before drilling the Paleozoic. The logs show that in SA-1X the Verdun sands are much thicker than the gas-bearing Verdun sands in the La Casita field.

Well testing is expected to start in two weeks.

"The results of the well are very encouraging and justifies the fast track approach that Gold Oil has followed since the license was approved by the Minister of Energy and Mines on the 4th of April 2006," said Gary Moore, Gold Oil's managing director. "The whole planning and operation of the well has been an exclusively Peruvian one. Once we have the results of the testing program we shall finalize our future program for Block XXI."

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