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Petroamerica announces Las Maracas-10 development well results

CALGARY -- Petroamerica Oil Corp. has announced the results from its Las Maracas-10 development well in Colombia which tested under natural flow, light 29.8o API oil, at an average rate of approximately 1,000  bopd from the Gacheta Formation.

The Las Maracas-10 development well was specifically targeting attic oil in the main Gacheta reservoir, however, it also unexpectedly encountered oil in the Mirador Formation on the downthrown side of the main fault delineating the field. The well encountered a total net pay thickness of 48 feet, 34 feet of which are in the Gacheta and Une Formations, and 14 feet in the Mirador Formation. The well produced on test under natural flow conditions, light oil (29.8o API) from a 16-foot perforated interval in the main Gacheta sand. The total duration of the test was 6 hours and the average oil rate through a 40/64 inch restricted choke was approximately 1,000 bopd with a wellhead pressure of 300 psi. Total oil recovered during the test was 436 barrels with 67 barrels of water and the water cut at the end of the test was approximately 1%. The well is currently shut-in and will be completed later on as a Gacheta producer utilizing a workover rig. The Tuscany 109 drilling rig was skidded and has commenced drilling the Las Maracas-12 development well, which will also target the Gacheta and Une Formations in an up-dip attic position.

A total of 11 wells have now been successfully drilled on the Las Maracas Field, resulting in 10 oil producers or potential oil producers (3 Mirador and 7 Gacheta) and one water disposal well. Petroamerica holds a 50% working interest in the Los Ocarros Block, where the Las Maracas Field is situated.

The La Casona-2 Sidetrack appraisal well, which is situated on the El Eden Block where Petroamerica holds a 40% working interest, is currently drilling at a depth of approximately 16,000 feet. While drilling through the Mirador Formation, the well encountered good hydrocarbon shows and LWD logs indicate the presence of oil pay. A full disclosure of the results of this well will be released after the well has reached its target depth.

08/22/2013

 

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