Petro Vista Plans 4-Well Drill Program on La Maye Project in Colombia
Petro Vista Energy has announced plans for a 4-well drill program on the La Maye Project located in the Magdelena Basin of Colombia.
The current plan is to drill the first 2 of the 4 planned wells in 2009. Petro Vista's participation in these 2 wells has been paid under a turnkey contract.
All permitting has been completed for the upcoming exploration program and civil works necessary to move the drilling rig to the well location on the property are in progress. Once completed, the drilling rig will be shipped from Trinidad to Barranquilla Colombia and is expected to arrive by August 15, 2009. The rig is owned and operated by New Horizon Exploration.
Drilling of the first well is scheduled to commence on or before August 31, 2009. It is anticipated that total depth of approximately 5,000 feet will be reached within 30 days. After evaluation of the results, the Company and its partners will finalize plans for the next two wells.
Read Taylor, Petro Vista President, commented, "We have successfully advanced a key strategic part of our 2009 drilling program and now look forward to the drilling 2 wells in the La Maye Block Colombia. This is a low cost (US $2.2m for a total of 4 wells) opportunity with significant potential upside."
Five excellent prospects have been identified in the block hosting both limestone and clastic reservoirs. The Company's prospects occur along a proven structural arch along trend to known fields and extending from known source rock and maturation areas (kitchen).
The La Maye Block encompasses 68,473 acres within the Lower Magdalena Valley of northern Colombia and is located on trend with the Cicuco oil field that has produced over 44.69 million barrels of oil and 181.14 billion cubic feet of gas since its discovery in the 1950s. Initial production rates ranged from 600 - 4,000 barrels of oil per day. As of March 2008, the Cicuco field was producing an average of 293.3 barrels of oil per day. Oil from the Cicuco field is light sweet crude at 43 to 55 degree API. Production from this reef play comes primarily from Oligocene age Cienega de Oro Formation porous limestone. Within a ten-mile radius, the Cicuco Oil Field also neighbors the producing Boquete, Zenon and Boquila oil fields. Other operators in the area are Occidental, Repsol and Ecopetrol whose block is located directly to the north of La Maye. The Company holds a 25% working interest in the La Maye Block.
- Petro Vista Finalizes Stake in Colombia Block (Feb 07)
- Petro Vista Sells Stake in Morichito Block (Dec 08)
- Petro Vista Commences Testing at Morichito Discovery (Aug 03)