RE:RE:"just making sure I'm not confusing anyone. ;)"I agree they are not telling us the whole story. It is a real consistent problem with PDQ. However, they do mention 3 potential resercoir units and "potential log pay", odd wording, but they would not have cased the well if there were not at least indications of potential net pay. When I asked IR, they said no more details were given because of the shenanigans with SNN.
Meanwhile, the "deadline" has come and gone for Talora extension, and no word. No word on any forward plans at all. Does anyone find it absurd that a company with $25M + in the bank and paying hefty salaries and bonuses is able to get away with this type of negligence? How do we know they haven't simply been on vacation for 3 years. It is absurd.
PETRODORADO HAS CASED VERDAL-2X IN TALORA BLOCK
January 6, 2014 – Calgary, Alberta: Petrodorado Energy Ltd. ("Petrodorado" or the "Company")
(TSXV‐PDQ) is pleased to announce that casing has been set on the Verdal‐2X exploration well in the
Talora Block, located in the Upper Magdalena Basin of Colombia.
The Verdal‐2X exploration well was spudded on November 17, 2013, and targeted sands within the
Hondita Formation, which lie above the Tetuan Formation source rock. The well reached the original
target depth of 5,000 feet True Vertical Depth ("TVD") on November 28, and then was drilled to total
depth of 6,102 feet TVD on December 1, 2013, with casing set at 6,204 feet Measured Depth ("MD").
Petrophysical evaluation indicated potential log pay encountered in three prospective reservoir units.
Drilling this well has satisfied all current exploration work commitments on the Talora Block. In the most
recent communication from the Agencia Nacional de Hidrocarburos (“ANH”), it was confirmed that the
Company can now decide if it will enter into the Second Post Exploration Period, which would end August
1, 2015. The Company has until January 24, 2014, to make this decision.
With the drilling of the Verdal‐2X well, the Company has maintained the block in good standing with the
ANH. Petrodorado, therefore, believes that the underlying basis for the arbitration action commenced
by Sintana Energy Inc. ("Sintana") on October 4, 2013, has been significantly reduced to Sintana's share
of certain disputed well costs from previous operations, which Petrodorado estimates do not exceed
$2.9 million. On December 20, 2013, Petrodorado submitted its response to the action asserting the
Company’s position that the well costs were properly incurred and that no amounts are owing to Sintana.
Moreover, Petrodorado has issued a counterclaim for Sintana's unpaid share of the costs for $2.6 million
related to the drilling of the Verdal‐2X well.
Petrodorado maintains its strong preference to amicably reach an acceptable compromise of the dispute
in order to preserve and continue the partnership under the original Farmout Agreement, but will
vigorously defend any and all remaining claims advanced by Sintana.
Petrodorado has a 65% operated working interest in the Talora block