Santa Maria Petroleum announces new oil discovery
BOGOTA, Colombia - Santa Maria Petroleum Inc. announced a new oil discovery in the Une Formation at the Flami-1 well at the Llanos 27 Block in Colombia.
The Flami-1 well is the second well drilled by NCT Energy Group C.A. Colombia, as official Operator of the LLANOS 27 Block, along with Santa Maria and its partners. The well commenced drilling on April 23, 2012 and was drilled with the Saxon 132 1,500-hp rig and was successfully drilled to a total depth of 9,300 ft on May 31, 2012.
Well logs indicated an estimated 20 ft of potential gross oil pay in the Mirador formation and 22 ft in the Une formation. Testing operations of the Une formation have now concluded and Santa Maria and its partners are now preparing operations to conduct the test of the Mirador formation.
Testing operations commenced on June 13, 2012 with the Une formation being perforated at the 9,086-9,100-ft interval.
Phase 1 of the test involved producing out the drilling control fluids and cleaning the wellbore. Over a 60 -hour period the well produced 1,514 bopd of 15.5°API oil with an average watercut of 13%.
Cumulative oil production over those 60 hours was 3,786 bbl of oil.
Following Phase 1 of the test the well was shut in to perform a 24 hour pressure build- up test. During this time, the formation pressure was measured at 3,850 psi.
These test results are preliminary and are not necessarily an indication of the longer-term potential of the well. Additional tests will be performed once the well can be placed on an extended test.
Operations are now being organized to conduct a test of the Mirador formation and results are expected in the next two to three weeks.
Following completion of the Mirador test, the well will be shut in while an application is made to the Ministry of Mines in Colombia to put the well on an extended test. This application approval is expected to take four to six weeks, at which time the well can be put back on production and oil from the extended test sold to market.
Santa Maria is paying 50% of the total cost of the well and will earn 45.275% of production before payout and 34.25% of production after payout under a private participating interest agreement.
06/22/2012