Loon Energy Inc.: Colombia -Delta-1 Well Tests Oil
16 Juin 2008 - 7:21PM
Marketwired
CALGARY, ALBERTA (TSX VENTURE: LEY) announces that the Delta-1
sidetrack has been cased and the initial indications are that the
well is capable of oil production.
The initial wellbore reached total depth of 8,183 feet (2,494
metres). The target zone intersected in the initial wellbore, the
Rosa Blanca limestone in the Caballos Formation, had a gross
thickness of 156 feet, and 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 to 393 barrels of 37 degrees API oil per
day and produced oil during six years of sporadic production from a
gross reservoir section of more than 170 feet. The initial Delta-1
wellbore encountered the primary objective approximately 254 feet
lower than in the Gualanday well.
On April 2nd, Loon announced that it was drilling a sidetrack
hole and that the original wellbore had been plugged back to 2,515
feet (767 metres) due to operational difficulties. The sidetrack
was eventually drilled to 7,988 ft' (2,435 metres) encountering 68
feet (22 metres) of indicated potential oil pay in the Rosa Blanca
reservoir more than 200 feet structurally higher than in the
initial wellbore. The well was cased to a depth of 7,980 feet
(2,432 metres) after logging and a 46 foot (14 metre) section of
the reservoir was perforated, acidized and swab tested. Although
the well is still cleaning up, swabbing rates are indicative of
production capability in the range of 60 to 100 barrels of oil per
day and 20 to 25 barrels of water per day. Oil gravity was measured
at 32-34 degrees API. Preparations are underway for the
installation of a jet pump after which a prolonged production
testing program will commence.
The Delta-1 well 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.. 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 does not flow at rates considered commercial,
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 to earn a 20%
working interest in the well and any of the retained lands.
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).
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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