Petroamerica Oil announces drill results of Los Ocarros Block in Colombia

Petroamerica Oil has announced that its drilling of Las Maracas-4 well on the Los Ocarros Block in Llanos Basin, Colombia, reached a total of 12,522ft measured depth (MD).

On 30 July 2012, the well had been spud to reach a total depth with electrical logs indicating more than 65ft of prospective oil pay.

The company undertook a petrophysical evaluation of the logging-while-drilling (LWD) logs, which indicated the presence of oil pay as 30.5ft MD in the Mirador formation and 35ft MD in Gacheta.

Oil saturations and reservoir properties intercepted at the Las Maracas-4 well are similar to those found in the Las Maracas-2 sidetrack and Las Maracas-3 wells.

The well is expected to be cased following the completion of wire-line logging, while a work over rig will be brought in to complete the Las Maracas-4 well as a Gacheta producer.

The Tuscany 119 rig, which had been used to drill the well, will be relocated to the El Eden Block for use on exploration well La Casona-1.

Colombia-based Petroamerica Oil said the Las Maracas-2 sidetrack well is producing at rates of 1,085 barrels of oil per day (bopd) from the Mirador Formation.

Using an electro-submersible pump, the Las Maracas-3 well is now producing approximately 2,000 bopd from the Gacheta formation.

The company’s working interest production was 1,627 bopd (1,497 bopd net after royalties), with these production additions.

Cepcolsa, the operator of the Los Ocarros Block in which Petroamerica holds a 50% participating interest, has transferred its percentage to Parex Resources Colombia Ltd. Sucursal.

The transfer is awaiting approval by the Colombian National Hydrocarbon Agency.