Loon Energy Inc.: Colombia- Update on Delta-1 Well
02 Avril 2008 - 7:08PM
Marketwired
CALGARY, ALBERTA (TSX VENTURE: LEY) announces that the Delta-1
well will be sidetracked to target a new bottom hole location
designed to intersect the target reservoir zone up-dip from the
initial wellbore. Portions of the drilling assembly, which became
stuck while the hole was being conditioned for logging and casing,
have been left in the initial wellbore and the well has been
plugged back to 2,515 feet (767 metres). The sidetrack will be
drilled from approximately that depth when drilling operations
resume.
The initial wellbore reached total depth of 8,183 feet (2,494
metres). The target zone, a limestone in the Caballos Formation,
intersected in the initial wellbore had a gross thickness of 156
feet, was intermittently oil-stained throughout with the best oil
shows and higher gas content in the top 80 feet of the zone. The
initial wellbore of the Delta-1 well was directionally drilled to
intersect the target zone approximately 250 metres from the surface
location of the Gualanday-3 oil discovery drilled in 1957. The
Gualanday-3 well had initial test rates of 100-393 barrels of 37
degrees API oil per day and produced approximately 300,000 barrels
of oil during six years of sporadic production from a gross
reservoir section of more than 170 feet within the Caballos
Formation. The initial Delta-1 wellbore encountered the primary
limestone objective in the Caballos Formation approximately 254
feet lower than in the Gualanday well.
The well, spud on December 9th, is located within a 60,817
hectare block of lands covered by the Buganviles Association
Contract (the "Contract") between Holywell Resources S.A.
("Holywell") and Ecopetrol, the national oil company of Colombia.
The well was drilled slightly deeper than the initial planned total
depth of approximately 8,000 feet. In the event that the well is
productive, fifty percent of the lands or approximately 75,000
acres will be retained for a period of two years. In the event that
the well is not cased for commercial production, the lands will
expire. Under the terms of an agreement with Kappa Energy Colombia
Limited S.A. ("Kappa"), Loon participated through Kappa in an
arrangement between Kappa and Holywell by paying 26.4% of the costs
of the drilling and completion of the Delta-1 well to earn a 20%
working interest in the well and any of the retained lands.
Ecopetrol, the national oil company of Colombia, has granted an
extension until June 30th. Sidetrack operations are expected to
commence once certain necessary repairs and improvements have been
made to the drilling rig and once all equipment necessary to safely
and effectively perform future operations has arrived on
location.
Loon is an international oil and gas exploration and production
company having direct interests in Brunei, Syria, Colombia, Peru
and Slovenia with exposure to a major exploration and development
program in Pakistan through its shareholding in Jura Energy
Corporation. For further information, please refer to the Loon
website (www.loon-energy.com) or contact the following:
Some of the statements contained in this release may be
forward-looking statements. Forward-looking statements may include,
but are not limited to, statements concerning estimates of
recoverable hydrocarbons, expected hydrocarbon prices, expected
costs, statements relating to the continued advancement of the
Company's projects and other statements which are not historical
facts. When used in this document, and in other published
information of the Company, the words such as "could," "estimate,"
"expect," "intend," "may," "potential," "should," and similar
expressions are indicative of a forward-looking statement. Although
the Company believes that its expectations reflected in the
forward-looking statements are reasonable, the potential results
suggested by such statements involve risk and uncertainties and no
assurance can be given that actual results will be consistent with
these forward-looking statements. Various factors, which could
cause actual results to differ from these forward-looking
statements, include the potential that the Company's projects will
experience technical and mechanical problems, geological conditions
in the reservoir which may negatively impact levels of oil and gas
production and changes in product prices and other risks not
anticipated by the Company or disclosed in the Company's published
material. Since forward-looking statements address future events
and conditions, by their very nature, they involve inherent risks
and uncertainties.
The TSX Venture Exchange neither approves nor disapproves of the
information contained herein.
Contacts: Loon Energy Inc. - Calgary, Canada Norman W. Holton
Executive Chairman (403) 264-8877 Email: nholton@loon-energy.com
Loon Energy Inc. - Dubai, UAE Timothy M. Elliott President and
Chief Executive Officer +971-4-339-5212 Email:
telliott@loon-energy.com Loon Energy Inc. - Dubai, UAE Jock M.
Graham Executive Vice President +971-4-339-5212 Email:
jgraham@loon-energy.com Website: www.loon-energy.com Brisco Capital
Partners Corp. (Calgary) Gordon Aldcorn Investor Relations (403)
262-9888 Email: galdcorn@shaw.ca
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