Petronova Provides Update on the Pendare-2 Well

Source: www.gulfoilandgas.com 4/17/2013, Location: South America

PetroNova Inc., a company engaged in the exploration and development of oil and natural gas resources in Colombia, provided an update on the Pendare-2 exploratory well located on the CPO-13 Block (in which PetroNova has a 20 percent working interest) in Colombia's Llanos Basin.

"We are very encouraged by the results of the Pendare-2 well," said Antonio Vincentelli, President and CEO of PetroNova. "Initial tests indicate the presence of a very clean sand section with a higher deliverability than what is typically seen in wells in the Eastern Llanos Basin."

The Pendare-2 exploratory well was drilled more than one mile from the Pendare-1 well where a hydrocarbon discovery was announced on July 25, 2012. The Pendare-2 well was spud on March 24, 2013 and reached total depth of 3,401 feet on April 03, 2013. Mud logs, electric logs and partially recovered core indicated the presence of a well-developed 50 foot oil-bearing sand section (NOS: 32 feet) at the top of the Basal Carbonera unit. Production casing was run and cemented and the well was tested with a hydraulic pump through a 38 foot casing window that was under-reamed and gravel-packed. In a 12-hour flow test with 1,000 psi injection pressure, the well tested 526 barrels of fluid per day of 13.2 API oil with a 3.6% water cut. Restricted storage capacity on location prevented the well to be tested at higher draw-downs.

The Pendare-2 well will be completed in the top of the Basal Carbonera sand unit and an extended production test will be performed in conjunction with the Pendare-1 well test. PetroNova and the Operator will continue their drilling campaign and plan to move the rig to the Atarraya-3 well in the CPO-07 Block.


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