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Home > Petrominerales announces oil discovery

 

Petrominerales Ltd. (TSX: T.PMG, Stock Forum) said the Curito-1 discovery well tested over 5,900 barrels of oil per day.
The Curito-1 exploration well, located in Colombia, was drilled to target depth of 10,390 feet. The company cased the well based on the petrophysical interpretation and performed initial tests using a progressive cavity pump.
According to the Petrominerales press release, during these tests the highlight was the Carbonera C7 formation which averaged 593 barrels per day of 34.3 degree API oil at an 8.0% water-cut over a 43 hour period.
Following analysis of the test results, the well was equipped with an electric submersible pump and initiated a production test of the C7 formation.
The well produced an average of 5,973 barrels of oil per day at a 2.0% water-cut over 10 hours.
Due to limited fluid storage and facilities on site, the ESP was turned off, and the well has been flowing under natural flow conditions for the last four days at a stabilized rate of over 2,700 barrels of oil per day at less than 1.0% water-cut.
Petrominerales plans to evaluate the well over a long-term production test to determine the potential size and additional follow-up locations of this new multi-zone discovery.
Petromineralesis an international oil and gas company operating in Latin America since 2002.
On Tuesday, Petrominerales rose 12.3% and was trading at $6.74 a share. The company had a market cap of $570.4 million, based on 84.6 million shares outstanding.
 
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Stockhouse Editorial

 

Petrominerales Ltd. (TSX: T.PMG, Stock Forum) said the Curito-1 discovery well tested over 5,900 barrels of oil per day.

 

The Curito-1 exploration well, located in Colombia, was drilled to target depth of 10,390 feet. The company cased the well based on the petrophysical interpretation and performed initial tests using a progressive cavity pump.

 

According to the Petrominerales press release, during these tests the highlight was the Carbonera C7 formation which averaged 593 barrels per day of 34.3 degree API oil at an 8.0% water-cut over a 43 hour period.

 

Following analysis of the test results, the well was equipped with an electric submersible pump and initiated a production test of the C7 formation.

 

The well produced an average of 5,973 barrels of oil per day at a 2.0% water-cut over 10 hours.

 

Due to limited fluid storage and facilities on site, the ESP was turned off, and the well has been flowing under natural flow conditions for the last four days at a stabilized rate of over 2,700 barrels of oil per day at less than 1.0% water-cut.

 

Petrominerales plans to evaluate the well over a long-term production test to determine the potential size and additional follow-up locations of this new multi-zone discovery.

 

Petromineralesis an international oil and gas company operating in Latin America since 2002.

 

On Tuesday, Petrominerales rose 12.3% and was trading at $6.74 a share. The company had a market cap of $570.4 million, based on 84.6 million shares outstanding.

 

 

ABOUT THE AUTHOR

Stockhouse Editorial