March Moves On To Pica #1 in Northern Chili
March Resources Corp. reports that the rig has been transported to the drilling location at Pica #1 in Northern Chile. The rig crew is on site, and rig up has commenced. March anticipates that the well will spud on or about Jan. 21, 2008. It is further anticipated that drilling operations for this well will be completed in approximately 45 days. Logging results should be available immediately thereafter. It is anticipated that the Pica #2 well will spud shortly after the completion of the Pica #1 well. March has a 100% interest in the prospect, subject to an overriding royalty of 3%.
In 2007, March was awarded from the Ministry of Mining and Energy of Chile exclusive oil and gas exploration and development rights to two blocks in Northern Chile in the Tamarugal Basin. The Pica North and Pica South blocks in this basin consist of a total of approximately 2,500,000 acres.
Studies estimated gross gas resources for the Pica #1 well in a range of estimated-unrisked gross prospective gas resources from 86 BCF to 1.5 TCF, with the best estimate of 655 BCF of recoverable gas. The report estimates the primary structure, on the North Pica Block, as presently mapped with the current geophysical control, to be approximately 16 miles long and 4 miles wide, with a vertical closure of 2,500 feet. Three objective sandstone horizons have been identified as a result of detailed stratigraphic and seismic studies at depths of 4,300 feet, 7,000 feet and 8,470 feet.The Tamarugal Basin of Northern Chile is a Jurassic age back-arc basin with strong similarities to the very prolific, Cretaceous age, Neuquen Basin of Argentina. Thick accumulations of petroliferous, black marine shales with interbedded, craton derived, sandstone reservoir beds are common in both basins. The surface of the Tamarugal Basin is the extremely arid Atacama Desert.
The initial two drilling locations have been selected to test and evaluate the North Pica Block. The initial locations incorporate the end results of four seismic line crossings, shale geochemical analyses, two years of surface stratigraphic studies, gravity and magnetic analyses, thermal studies, and detailed computer generated basin studies.
- March Reports Pica #2 P&A, Moves Forward with Challacolla #1 (May 27)
- Sweet Sixteen: March Perforates 16 Intervals, Evals to Come (Apr 30)
- March Spuds Pica 2 Well (Apr 14)