Flami-1 @ 9,000ft. (w\ target depth 10,000 ft.) From Quetzal's March 31, 2012 MD&A:
Flami-1 Exploration Well:
"Drilling the Flami #1 well on the Llanos 27 Block in the Llanos Basin of Colombia commenced on April 23, 2012. The well is being drilled with the Saxon 132 1,500 horsepower rig and has a planned total depth of 10,000 feet. The well is programmed to test the hydrocarbon potential of the Mirador and Une formations with secondary targets being the Carbonera and Gacheta formations. The gross budget for drilling the well is US$10 million with a testing budget of US$4 million. The Company is paying 50% of the gross amount to earn a private participating interest of 45.275% before payout and 34.25% after payout. As of May 30, 2012, the well has been drilled to a depth of 9,000 feet at the top of the Mirador formation and intermediate casing and cement has been set. The remainder of the well is expected to commence drilling on June 1, 2012. Once target depth has been reached, logs will be run to determine which formations are to be tested, a liner and cement will be set, and testing operations will commence."