Details With the spike on Friday and the volume, news had to be on its way, which I am pasting below. Large net pay, it will be interesting to learn the details- stay tuned, this could get good!!
PETRODORADO ANNOUNCES EXPLORATORY SUCCESS IN ITS
VERDAL-1 WELL IN THE TALORA BLOCK
November 29, 2010 – Calgary, Alberta: Petrodorado Energy Ltd. ("Petrodorado" or the
"Company") (TSXV-PDQ) announces a new exploratory success at its Verdal 1 well, located inthe Talora Block, Upper Magdalena Valley Basin, Colombia.
TALORA BLOCK
El Verdal-1X was drilled in the Talora Block as a new field exploration well which targeted the
Cretaceous formations of Tetuan and Caballos, on a structural trap between faults, with a 7,637
acre closure.
The well was spudded on September 15, 2010 and reached final depth of 7,657 feet measured
depth (MD) on November 19, 2010, encountering the secondary target of the Tetuan limestone
formation at 5020 feet (MD) with a gross thickness of approximately 2,500 feet (MD). During
drilling, the well exhibited several gas shows that forced the Company to increase the mud
weight up to 11.6 punds per gallon (ppg). Despite this, the well gas-kicked multiple times while
drilling through 5400 feet to 6400 feet MD, flaring gas on all these occasions. The well was
cased with a 7 inch casing at a depth of 6470 feet (MD) due to excessive gas kicks and cased
hole logging was recorded. Drilling resumed with a 6 inch bit from 6476 feet (MD) to 7657 feet.
During this phase of drilling using 11.6 ppg density mud, the well again had several gas shows
and kicked gas at a depth of 6612 feet (MD).
The well did not reach the primary target of the Caballos formation and this target will be drilled
on a future well, with a larger capacity drilling rig. Following open-hole logging, and using the
cased hole logs in the 7 inch cased section, the petrophysical evaluation indicates a total of 242
feet of net pay in fractured limestone formation with an average porosity of 8.5% and a
hydrocarbon saturation of more than 80%.
The well is being tested at present and the Company will release these results when the testing
has been completed.
This new discovery underlines the potential of the area, with its unique advantages, i.e.
approximately 150 kilometres west of the capital city of Bogota and its proximity to Oil and Gas
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pipeline network of Colombia, The commercialization plans for the gas are being formulated
with the sale point at the Gas terminal of Gualanday and or Flandes, which are approximately 40
and 29 km respectively from the Verdal prospect.
The Talora Block is located in central Colombia and is part of the Upper Magdalena Valley
Basin about 150 kilometres west of the capital city of Bogota.
Krishna Vathyam, President and CEO of Petrodorado Energy Ltd:
“We are extremely pleased with this new discovery which opens up a new play in the upper Magdalena
Valley Basin, with its proximity to existing infrastructure advantage. An additional well targeting the
Caballos formation with its potential of liquid hydrocarbons will be pursued as soon as possible.”