PetroNova provides update on Canelo-Sur 2 well


PetroNova suspended operations on Canelo-Sur 2 well

CALGARY -- PetroNova reported that it has temporarily suspended operations at the Canelo Sur-2 exploratory well ("Well") pending resolution of a community related dispute in the region.

The Well has reached the programmed total depth of 9,970 ft, however, a community-related issue has arisen that is preventing personnel and supplies from reaching the drilling site. The Company, along with the drilling contractor, are utilizing all available resources to maintain personnel safety and well security while working with community representatives and local authorities to identify and resolve the underlying motivation of the unrest, in order to be able to resume normal activities. Once operations recommence, a liner will be run in the Well in order to acquire cased-hole logs such that a decision can be made regarding testing operations which were initially planned for the Lower "U" Sand of the "Villeta" Formation.

The Well was drilled to evaluate multiple reservoir targets in the Villeta Formation with the principal targets being the Lower "U" and the "T" Sands. Well log data and mud-gas log data acquired indicate a gross reservoir thickness of approximately 45 ft with fair quality oil shows and natural fluorescence over the Lower "U" Sand and a gross reservoir thickness of approximately 69 ft with poor oil shows over the "T" Sand. The Villeta Upper "U" Sand, over which a full suite of well logs was acquired, indicates the zone to be wet. Due to adverse hole conditions, a porosity log was not acquired over both of the Lower "U" and "T" Sands, which has hampered the interpretation.

The Well is located in the PUT-2 Block the "Block" in Colombia's Caguan-Putumayo Basin, a Block in which Suroco Energy. "Suroco" holds a 25% economic interest.  Application has been made to the Agencia Nacional de Hidrocarburos of Colombia for its approval of the conversion of Suroco's 25% economic interest to a full 25% undivided working interest in the Block.

The company will carefully monitor the situation and will provide an update on any material developments.

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