Petrominerales Mochelo Well Tests Over 600 bopd
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BOGOTA, COLOMBIA--
(Marketwire - Dec. 8, 2010) - Petrominerales Ltd. ("Petrominerales") (TSX:PMG), a 65% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), is pleased to announce that our Mochelo-1 well on the Rio Ariari Block has successfully tested over 600 barrels of oil per day ("bopd").
Heavy Oil Blocks (Rio Ariari, Chiguiro Oeste, Chiguiro Este), Llanos Basin, Colombia
Our Mochelo-1 exploration well was the fourth exploration well drilled on our Rio Ariari Block testing a new exploration play concept. As previously announced on November 29, 2010, well logs indicated 69 feet of potential net pay in the Mirador formation. In the first test of a Mirador sand, we production tested over 600 bopd of heavy 10 degree API oil at watercuts between 80 and 90% over a seven-hour test period. This level of productivity from a vertical heavy oil well is extremely encouraging and has the potential to significantly expand the prospectivity of our Llanos Basin heavy oil assets. These thick, highly productive Mirador sands are expected to be very conducive to a horizontal well development program and optimally a thermal application using the THAI™ technology. We are considering a horizontal sidetrack of the Mochelo-1 well to optimize the production characteristics of the well. In 2011, we also plan to shoot an additional 372 square kilometers of 3D seismic over the western portion of our Rio Ariari Block, which will allow us to further delineate the Mochelo discovery and to plan a full commercial development.
On December 2, 2010, we began drilling operations on Borugo-1, the next exploration well of our planned nine-well program on our Rio Ariari Block. We expect to have well results in early January. Borugo is targeting another new play concept, distinct from our Mochelo-1 and Rio Ariari-1 discovery wells. The nine-well Rio Ariari exploration drilling program is designed to target new exploration prospects and play-types that could result in the identification of multiple, large resource opportunities and lead to multiple, large scale heavy oil developments. We expect to run this program continuously for the remainder of 2010 and into 2011.