More on AlamoALAMO PROSPECT, ALAMO AREA, CATATUMBO BASIN
Drilling Schedule
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Solana Blocks Map
Alamo Map (PDF)
Alamo Sketch (PDF)
The Alamo prospect is located in the Catatumbo basin in the east central part Colombia. The Catatumbo basin, unlike the basin to the west, belongs, in a geological sense, to the Maracaibo basin system of Venezuela. The Maracaibo basin has produced an estimated 37 billion barrels of oil to date with 20 billion barrels estimated to remain to be produced (The Canadian Society of Professional Geologists, 2002).
The well proposed to test this prospect is expected to penetrate to 4,800 feet. Solana will bear 38.4% of the cost of the initial well and 30% of the cost of subsequent well and in return earn a 26.25% interest in production subject to a sliding scale royalty in any discovery made on this prospect.
This is an area of very large fields; La Paz (800 MMbo) Tibu (264 MMbo) and Rio Zulia (137 MMbo).
The Maracaibo/Catatumbo basins are well known for the presence of the La Luna source rock. This highly organic section has up to 25% total organic content – among the richest source rocks encountered in the oil industry. The La Paz field, an analogy to Alamo, has a 3000 ft oil column. Essentially every porous reservoir from 80 ft below the surface to fractured basement is capable of production. La Paz has produced 800 MMbo.
The Alamo structure is updip of the Puerto Barco field which proves that oil has migrated into this area.
Fields in this area are known for having some of the most prolific fractured Cretaceous reservoirs. Individual wells have produced up to 59 MMbo of oil.
The oil gravity is very high leading to a high quality sales product.
Exploration in the Catatumbo has lagged compared to other Colombian basins. Modern seismic would be expected to lead to dramatic exploration results in this basin.
Reservoirs in this area are shallow (< 3000 ft.) and accordingly development wells are expected to be inexpensive.