Colombia- Buganviles Block Preliminary Results of Visure-1X Testing Deepening of Tuqueque-1X Well
03 February 2011 - 3:32AM
Marketwired
Loon Energy Corporation ("Loon") (TSX VENTURE: LNE) announces today
the preliminary results of testing of the Lower Guadalupe zone in
the Visure-1X well and the deepening of the Tuqueque-1X well. Both
wells are located in the Buganviles Block, Upper Magdalena Valley
Basin, Colombia. Loon has a 10% interest in both wells and in the
Buganviles Block.
Visure-1X
The Visure-1X well, drilled on the southwestern flank of the
Visure Prospect near to the southeastern border of the Buganviles
Block, has been production tested in the Lower Guadalupe and
produced oil with a gravity of 15.6 API. The well was drilled to
evaluate a structural trap, similar to the trap at the Abanico
Field located 4 kilometres to the northeast. The well had three
main exploratory objectives: the Cretaceous Lower and Upper
intervals of the Guadalupe Formation and the Tertiary Barzalosa
Formation. The well was spud on October 16, 2010 and reached a
final depth of 3,380 feet measured depth ("MD") or 2,205 feet true
vertical depth subsea ("TVDSS") on November 1st, 2010. The well was
drilled slightly deviated at an angle of 9 degrees and found the
top of the Barzalosa Formation at 2,206 feet MD (1,040 feet TVDSS),
the Upper Guadalupe at 2,995 feet MD (1,825 feet TVDSS), the Lower
Guadalupe at 3,079 feet MD (1,908 feet TVDSS), and the top of
Villeta Formation at 3,272 feet MD (2,099 feet TVDSS).
On November 4, 2010, Loon announced in a news release that the
petrophysical evaluation of the well in the Barzalosa, Upper
Guadalupe and Lower Guadalupe Formations indicated a total net pay
of liquid hydrocarbons of 114 feet in the three intervals, ranging
from 24.5 to 45.5 feet of net pay and 16% to 26% average porosity.
In addition to the oil bearing sandstones, the well also showed gas
saturated sandstones in the Barzalosa Formation. Testing of the
well up to the date hereof, which has been solely in the Lower
Guadalupe, has not changed the original interpretation. The summary
below was included in the November 4, 2010 news release.
----------------------------------------------------------------------------
Interval Gross Net Net Average
(TVDSS) Reservoir Reservoir Pay Average Porosity Type of
Unit (feet) (feet) (feet) (feet) Sw (%) (%) Hydrocarbon
----------------------------------------------------------------------------
1,040-
Barzalosa 1,825 633.5 618 24.5 49.4 19.1 Oil/Gas
----------------------------------------------------------------------------
Upper 1,825-
Guadalupe 1,908 62 60.5 45.5 47.5 16.7 Oil
----------------------------------------------------------------------------
Lower 1,908-
Guadalupe 2,099 151 150.5 44 37.6 25.9 Oil
----------------------------------------------------------------------------
The Visure-1X well confirmed an oil-water contact at 1,970 feet
TVDSS in the Lower Guadalupe Formation. Seismic data suggest that
the crest of the structure at Lower Guadalupe level is
approximately 0.7 kilometres to the northeast which could imply an
additional 65 feet of hydrocarbon column in the Lower Guadalupe
Formation.
The well was perforated in the Lower Guadalupe and tested at a
stabilized rate of 46 barrels of oil per day ("bopd") with 14
barrels of water per day ("bwpd"). The Visure-1X well has now been
suspended and the drilling rig released pending evaluation of the
production testing. Depending of the results of this analysis, the
Company will consider a possible test in the Upper Guadalupe and
Barzalosa Formations. Different production techniques will be
evaluated based on the production test analysis to economically
produce the significant oil in place encountered in the Lower
Guadelupe Formation.
Tuqueque-1X
In the Tuqueque prospect, located to the northern part of the
Buganviles Block, the Tuqueque-1X exploratory well spudded on
November 4, 2010, with the Cretaceous limestones of the Caballos
Formation as the main exploratory target. After the tie between a
vertical seismic profile in the well and the available 2D seismic
data, the estimated final depth of the objective was revised from
7,600 feet to 11,300 feet MD, and the new depth for the Caballos
was estimated at a MD of approximately 10,600 feet. The well is
currently drilling 8 1/2" hole at the depth of 9,303 feet MD in the
Villeta Group (Tetuan Formation). The preliminary petrophysical
evaluation in the upper part of the well, showed two additional
prospective intervals in the upper levels: the Monserrate Formation
with 31 feet of indicated net pay; and the El Cobre Formation with
9 feet of indicated net pay.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements relating
to the results of the Visure-1X well, the drilling of the
Tuqueque-1X well and other related matters, some of which are not
historical facts. Readers are cautioned not to place undue reliance
on forward-looking statements, as there can he no assurance that
the plans, intentions or expectations upon which they are based
will occur. By their nature, forward-looking statements involve
numerous assumptions, known and unknown risks and uncertainties,
both general and specific, that contribute to the possibility that
the predictions, forecasts, projections and other forward-looking
statements will not occur, which may cause actual performance and
results in future periods to differ materially from any estimates
or projections of future performance or results expressed or
implied by such forward-looking statements. These assumptions,
risks and uncertainties include, among other things: the risk that
the wells may encounter drilling and/or completion problems which
could lead to greater cost and, potentially, a failure to reach
total depth or to evaluate the prospects being drilled, the state
of the economy in general and capital markets in particular,
investor interest in the business and future prospects of Loon.
The forward-looking statements contained in this press release
are made as of the date of this press release. Except as required
by law, Loon disclaims any intention and assumes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by applicable securities law. Additionally, Loon
undertakes no obligation to comment on the expectations of, or
statements made, by third parties in respect of the matters
discussed above.
Contacts: Loon Energy Corporation Norman W. Holton President
& Chief Executive Officer (403) 264-8877
nholton@loonenergy.com
Loon Energy Corporation (TSXV:LNE)
Historical Stock Chart
From May 2024 to Jun 2024
Loon Energy Corporation (TSXV:LNE)
Historical Stock Chart
From Jun 2023 to Jun 2024