Maurel & Prom Discover Oil in Carbonera Formation

Maurel & Prom (operator 100%) announced the success of the second exploration well (SAB-SE-1) drilled in the Sabanero permit. The exploration well found 12 API crude oil in the Carbonera C7 formation.

The purpose of this second drilling was to confirm the productivity of the discovery and the thickness of the reservoir. The Sabanero SE-1 exploration well has been drilled to 3,241 ft (988 m) (MD) and found oil in the Carbonera C7 formation, with a net pay of 27 feet (8 m) of which 15 feet (4.5 m) have been perforated, with a resulting flow rate of 500 bopd compared to 140 bbl produced from the first well before water breakthrough.

Based on data from the two wells drilled so far and 3D seismic coverage, the possible extension could have a surface of 40 km2 with an averaged net pay of 30 feet (9 m).

The exploitation conditions and quality of oil look to be similar as the ones of Rubiales field (located 50 km southwest).

The recovery rate for heavy oil fields within the llanos basin is estimated between 10% and 20%.

A third exploration well will be drilled within the existing licensed area; two more exploration wells will be drilled, one on the top of the structure, as soon as environmental authorization is obtained.