Radial Spuds First Well in Peru
Radial Energy Inc. said that drilling has begun at the Huaya 100-1X well on the company's Block 100 oil project in Peru. According to an independent third-party reserve assessment, the Block 100 play may contain proved undeveloped gross reserves of 15.3 million barrels of oil, 2.9 million of which would be allocable to Radial Energy's 20% working interest. The spud of its first well in Peru is a highly significant milestone for the company, bringing Radial Energy closer to its objective of producing overlooked and under-developed oil and natural gas reserves in Latin America and the United States.
The Huaya 100-1X well spudded at 11:40 a.m. on Saturday, November 18. The 12 1/4 inch hole was drilled to a depth of 164 feet by 6 a.m. on Sunday. The crews finished the hole and set and cemented the 9 5/8 inch surface casing at approximately 250 feet on Sunday evening. The well is slated to be drilled to a depth of 950 feet (290 meters) in order to test the Cachiyacu, Casa Blanca and Vivian sand formations. These sands are anticipated to be encountered approximately 45 feet updip to the nearby Huaya 4X well that tested 39 gravity oil from the Vivian formation, which is the primary target. The well is expected to take 7-10 days to reach total depth.
The Block 100 prospect is analogous to nearby Maquia Field, which has produced approximately 17 million barrels of oil to date and is on the same anticlinal feature. The project encompasses a seismically defined structural "pop-up" closure with the potential for up to 41 very shallow well locations.
The Huaya 100-1X well is being drilled to confirm proven undeveloped gross reserves of between 15.3 and 29.5 million barrels of oil as estimated by an independent reserve assessment conducted by Boulder, Colorado-based Gustavson Associates, LLC.
Company President G. Leigh Lyons commented: "We are thrilled to announce the start of drilling at our Block 100 play in Peru. Spudding the Huaya 100-1X well is a highly gratifying accomplishment and a major milestone for Radial Energy. The third party reserve assessment and historical production of neighboring Maquia Field have us very excited about the potential of Block 100 and we look forward to keeping our shareholders apprised of the latest news from the site."
Radial Energy identifies, acquires and develops low risk oil and natural gas exploration and development opportunities throughout the Americas. The company's strategy involves targeting overlooked or under-developed reserves that are under the radar of multinational oil companies and out of the reach of small independents.
Radial Energy's portfolio of oil and gas plays includes working interests in two separate oil and gas prospects located in Cherokee County, Texas, as well as in the Block 100 oil project located within the Huaya Anticline area in the Ucayali Basin of eastern Peru. The company has also executed a letter of intent to acquire rights to explore and develop oil reserves on the Bosques Block play located in the prolific Middle Magdalena Valley of Colombia. The company targets prospective oil and natural gas opportunities in historically productive regions with a primary focus on identifying previously drilled but undeveloped exploratory wells that, due to factors at the time of initial drilling including the absence of pipeline infrastructure, lack of modern recovery technology, poor geological or engineering interpretation or low oil and gas prices, were not fully exploited.
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Company: Gustavson Associates more info
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