PMG:llä huteja

PETROMINERALES PROVIDES EXPLORATION AND OPERATIONS UPDATE

As previously reported, we drilled the Babaco-1 exploration well on Block 31 to a total measured depth of 14,174 feet. Well logs indicate 89 feet of potential net oil pay in the Lower Sand 1 formation where we tested four separate intervals. In the lowermost interval, we tested no commercial amounts of hydrocarbons. We tested the second interval using a coiled tubing nitrogen lift, which recovered seven
degree API hydrocarbon but at non-commercial rates. In the third interval we primarily recovered water although when we reverse circulated down-hole tools out of the wellbore we recovered traces of oil. The final test recovered water.

Llanos Basin Heavy Oil Blocks (Rio Ariari, Chiguiro Oeste, Chiguiro Este), Colombia
We are executing a multi-well heavy oil exploration drilling program primarily focused on our Rio Ariari Block. During August, the drilling rig was used to conduct a testing program on our Calandria-1 exploration well. As previously reported, the well was drilled to a total measured depth of 6,602 feet and well logs indicate 40 feet of net oil pay in the Mirador formation. We tested three intervals in the well and did not produce commercial amounts of hydrocarbons. Based on our analysis of the test results, we believe that during our well test we preferentially produced water due to the relative mobility of water compared the viscosity of the 7 degree API oil we observed that had coated the tools used in the wellbore.

Following Calandria-1, we began drilling operations on our Borugo-T1 location on September 4th. Borugo-T1 will be a vertical well that twins our previously drilled Borugo-1. The purpose of this well is to open-hole test the upper 5 feet of the reservoir in order to minimize potential water influx. Well logs of Borugo-1 indicate 35 feet of potential net oil pay, however, during our production tests we only recovered water.

Production Update
Production averaged 39,323 barrels of oil per day (“bopd”) during the month of August. Production was impacted by certain wells being off-line for workovers, including Cobra-1 for 12 days, Candelilla-5 for 16 days and our Candelilla-3 side-track well coming back on production August 8th at rates lower than expected. Following the restart of operations after the recently announced blockades around the Corcel and Guatiquia Blocks, we have recovered over 95 percent of our shut-in production. We had one pump failure on our Candelilla-4 well that is currently being replaced. We expect to recover the remainder of the production over the next week.

Näistä huolimatta tämän vuoden exploration-kaivojen saldo on ok. Oma ei ole muuttunut aiemmasta: yhtiön osumaprosentti laskee(normalisoituu) tuonne 30-40% tasolle. Tämä lienee huonoin mahdollinen ajankohta huonoille uutisille, mutta minkäs teet. Itse katson olisiko lisäyksessä järkeä. Suurin omistus vieläkin. Yhtiön tase on infra-panostuksien jälkeenkin varsin vahva, joten tämä markkinatilanne saattaa mahdollistaa yritysostot, jos johto löytää jotain kiintoisaa.