Petrominerales Moves on from Chiguiro Este-1 Well Onshore Colombia

Petrominerales announced that the Chiguiro Este-1 exploration well is to be abandoned.

Chiguiro Este-1 spudded on June 15, 2009. Drilling and logging operations were completed on July 1, 2009. Logs indicated that the sands in the Carbonera and Mirador formations were predominately wet or contain non-commercial hydrocarbon accumulations.

The Chiguiro Este-1 well was the first of the company's 2009 three well heavy oil exploration drilling program in the Llanos basin. Petrominerales will be moving the Independence 21 rig from the Chiguiro Este-1 site to the Chiguiro Oeste block to drill Chiguiro Oeste-1, which the company expects to spud by mid-July.

Corcel B-1, the current well in Petrominerales' ongoing Corcel drilling program, was spud on June 26, 2009. The company expects to reach total depth by the end of July.

Petrominerales has completed the acquisition of 337 square kilometers of 3D seismic over its Castor, Mapache, Casanare Este and Rio Ari Ari blocks. The company expects to finish recording the remaining 85 square kilometers of 3D data over its Casimena block by mid-August. These acquisition programs will satisfy Petrominerales' current seismic phase commitments on its blocks. Petrominerales' enhanced 3D database is expected to further define previously identified leads and structures derived from the company's extensive 2D data set.