COLOMBIA - Positive Results of the Second and Third Stratigraphic Wells in the CPO 17 License

PARIS, July 26, 2011 /PRNewswire/ --

A second (Est-5a) and third (Est-6) stratigraphic wells^[1] have been successfully drilled on the CPO 17 license in Colombia (Hocol-Operator 50% and Maurel & Prom, through its 50.01% subsidiary MP Colombia BV, 50%). This drilling campaign is targeting different geological objectives present in this license.

The reservoir target of both stratigraphic wells was the Basal Sandstones of the Oligocene Carbonera Formation. The wells are located 700m and 3,700m respectively, away to the south from the EST-2 well (first positive well drilled on this license).

Est-5a was drilled to a depth of 848m and showed oil impregnated sandstones from 813m to 826m MD. During the operation, a total of 63m of cores were obtained, petrophysical analysis indicated 11m of net oil sandstones with 27% average porosity. Additional analysis will be carried-out on reservoir parameters.  

Est-6 was drilled to a depth of 804m and showed several oil impregnated sandstones sections for a total of 6.7m of net oil sands according to a petrophysical analysis. During the operation, a total of 38m of cores were obtained and a fluid sample was taken for crude specs analysis. This well drilled on the eastern flank of the Merlin prospect channel confirmed lateral oil saturation with good results.

Additional work program for this prospect includes additional stratigraphic wells, and an exploration well, Merlin-1, to be drilled during the third quarter of 2011. This well has the same Oligocene objective and will allow performing a production test at the well. In the Block, there are other large prospects that have been defined using the 618 km of 2D seismic acquired during 2010.

The CPO-17 license covers an area of 2,103 km² and was awarded during the 2008 ANH competitive bid round. It is located at 200 kms to the South East of Bogota in the heavy-oil prolific Llanos basin half way between, the major producing fields in this area of Colombia, Castilla and Rubiales fields.

For more information, visit http://www.maureletprom.fr

Next announcements:

10/8/2011 - H1 2011 Sales (after close of trading)
31/8/2011 - H1 2011 Results (after close of trading)

This document may contain forward-looking statements regarding the financial position, results, business and industrial strategy of Maurel & Prom. By nature, forward-looking statements contain risks and uncertainties to the extent that they are based on events or circumstances that may or may not happen in the future. These projections are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors such as, fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage.

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1. Stratigraphic wells are drilled with a lighter-type equipment allowing for substantial savings compared with regular drilling. This method allows for verification of seismic surveys and obtains core samples. In general, these wells can't be tested.

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SOURCE Maurel & Prom