VANCOUVER, Feb. 28, 2018 /CNW/ - PentaNova Energy Corp.
(the "Company") (TSXV: PNO), which has acquired
strategically located assets in Colombia and Argentina, is pleased to announce the spud of
the Company's first gas well in Colombia's Maria
Conchita gas block, where it holds an 80% beneficial working
interest.
The Istanbul-1 well, targeting
Colombia's Jimol formation at an
estimated TVD of 8,000 feet, was spud on February 27, 2018. The Company expects the well
will reach total depth in approximately 20-25 days. PentaNova plans
to run a continuous logging program during the drilling.
Neighbouring wells on the block, the Aruchara-1 drilled (1980)
by Texaco and the Tinka-1 drilled (1988) by Ecopetrol, were tested
at rates of 18mmscfd and 3 mmscfd, respectively, both in the Jimol
formation.
Colombia's most significant
source of natural gas production, the 6 TCF Chuchupa field, is
located approximately 50 kilometers northwest of the Company's
newly spudded well. The Chuchupa field, discovered in 1973, a
strategic energy asset for Colombia, currently produces approximately 30%
of the country´s daily output, although gas production has been in
decline since 2002 creating a supply problem in the face of rising
gas demand.
The Maria Conchita Block is also conveniently positioned close
to existing gas pipeline infrastructure, to bring gas to market.
The Promigas trunk line, just 22 kilometers east of the Company's
spudded well, connects to the coastal cities of Barranquilla,
Santa Marta and Cartagena. To the
west, 14 km away, is the Transportadora de Gas Internacional – the
TGI S.A. E.S.P. trunk line linking the Chuchupa gas field with
central Colombia. This favourable
location provides PentaNova with significant optionality for
marketing and transportation to bring much needed gas to the
domestic market in the event of a commercial gas find.
About PentaNova
PentaNova is investing in proven leadership and technology to
develop oil and natural gas fields it has acquired in areas
surrounding some of the key energy producing areas in Colombia and Argentina. With decades of proven experience
in Latin America and global energy
development, PentaNova's leadership is working with local partners
and service providers, including YPF, Argentina's respected energy producer, to
deliver the energy for Latin
America's future.
Forward-Looking Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. The information in this news release about the
completion of the operations described herein, and other
forward-looking information includes but is not limited to
information concerning the intentions, plans and future actions of
the parties to the transactions described herein and the terms of
such transaction.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, risks related to the Company's inability to
perform the proposed operations.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to complete the planned operations and activities. The
Company has also assumed that no significant events will occur
outside of the Company's normal course of business. Although the
Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE PentaNova Energy Corp.