PetroNova provides update on the Matamata 1 well on CPO 07


PetroNova provides update on the Matamata 1 well on CPO 07

CALGARY -- PetroNova a company engaged in the exploration and development of oil and natural gas resources in Colombia, provided an update at its Matamata 1 exploratory well located on the CPO 07 Block in which PetroNova has 20% working interest in Colombia's Llanos Basin.

The Matamata 1 exploration well was spud on November 1, 2012 and reached a total depth of 4,040 feet on November 9, 2012 without incident. Good sand development in the C5 and C7 Intervals of the Carbonera Formation were identified, however, as petrophysical interpretation resulted in low resistivity and high water saturation for the objective C7 and C5 sands, the Operator is presently abandoning the well.

"The Matamata 1 well completes PetroNova's Phase I exploration plan for the CPO 07 Block, which resulted in one hydrocarbon discovery at the Atarraya 1 well in May 2012," said Antonio Vincentelli, Chief Executive Officer of PetroNova. "We are currently preparing to move the rig to CPO 13 to drill Arowana, our next prospect in the Llanos Basin drilling campaign."

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