News Note - LV9 Spud, LV8?, 5 add'l wells!Interesting data here. 10 wells planned with the Pride drill rig in 12 months. If you compare this to the drilling program discussed last August in Denver and in the website, it is apparent that this is a material increase in the drilling program. LV8 completed in Nov! Has there been any public announcement on what the LV8 flow rates are? If so, I've missed it. My Capital Budget & Plans list of wells from last August/Sept is
Drilling
2 Velas Wells
10000 TD Offset S. 250 On Crest
10000 TD Sidetrack N. On Crest On Failed Existing
Offset Cumarebo Well, TD 5600 into Miocene Res
Twin San Patricio Well (500 ft gas pay) TD 6000
Twin Las Pailas 1946 Well (9000 Mcf/d)
Workovers
3 Las Velas Workovers (About 2.5 Km apart)
Las Velas 7X (Done)
Las Velas 8X (Done)
Las Velas 9X (Spud announcement 1-19-05)
3 Cumarebo Workovers
3 reworked already
So it appears that PFC has announced 5 additional wells over and above those announced in the Aug/Sept Capital program outline for the next 12 months. I'll have to revise my financial projections upward! I'll report once done. Here's the text of the NR from Stockhouse:
"PetroFalcon's Vinccler begins drilling of LV-9 well
2005-01-19 17:17 ET - News Release
Mr. William Gumma reports
PETROFALCON CORPORATION AND VINCCLER OIL AND GAS, C.A. ANNOUNCE COMMENCEMENT OF DRILLING AND SEISMIC OPERATIONS
PetroFalcon Corp.'s wholly owned operating subsidiary, Vinccler Oil and Gas CA has provided current operations in the company's East Falcon block, northwestern Venezuela. Drilling has commenced on the LV-9 well in the La Vela field using Pride International's 1,200-horsepower rig No. 528. The well is planned for a total depth of 10,941 feet and will test numerous prospective reservoirs including the recently discovered Agua Clara reservoir which was successfully recompleted in the LV-8X well by Vinccler in November, 2004.
Vinccler has contracted the Pride rig for 12 months and plans to drill up to 10 wells in its La Vela and Cumarebo fields and surrounding acreage. The focus of Vinccler's drilling program will be the development of the natural gas reserves at the La Vela and Cumarebo fields for delivery into PDVSA's Interconexion Centro-Occidente (ICO) pipeline.
Vinccler has also commenced a seismic survey of approximately 86 kilometres to delineate further development locations and prospects on the East Falcon block. The seismic contractor, PGS Onshore, expects to complete seismic data acquisition in February and Vinccler will begin to evaluate the new information immediately.
The board of directors of the World Bank Group and PetroFalcon have approved the $36-million (U.S.) financing by way of loan to be provided by the International Financial Corp. (IFC, the commercial arm of the World Bank). Final documentation of the loan is expected to be completed within 45 days, subject to receipt of any required regulatory approvals. Proceeds from IFC financing, along with existing cash and cash flow, will be used for Vinccler's capital expenditures including seismic, drilling and facilities construction.
We seek Safe Harbor."