PARIS, February 21, 2011 /PRNewswire-FirstCall/ -- A program to drill stratigraphic* wells has begun on the CPO 17 license (Hocol-Operator 50% and Maurel & Prom 50%) in Colombia. This drilling campaign is targeting different geological objectives present in this license.
The first well drilled to a depth of 864mt has shown the presence of "in situ" oil in the Basal Oligocene Sands.
*Stratigraphic wells are drilled with lighter mining-type equipment. These lower cost drilling equipments, allow 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.
96m of cores have been obtained out of which 27mt have oil impregnation, and 9mt show significant oil saturation. Additional analysis is being carried-out to determine reservoir parameters. There have also been oil indications during drilling in the C5 and C7 formations.
The work program for this prospect includes additional stratigraphic wells and a regular exploration well with a main Oligocene objective (Merlin-1), to allow for a possible production testing. There are also other large prospects which have been defined thanks to a 2D seismic acquisition of 680km during 2010.
The CPO-17 license covering an area of 2,103 kmsquared 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: 31/3/2011 2010 full-year earnings (after close of trading) 1/4/2011 Presentation to analysts (10 am) 12/5/2011 Annual General Meeting (10 am)
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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SOURCE Maurel & Prom