VANCOUVER, April 3, 2018 /CNW/ - In light of the recent
negative trading in its shares since its March 28 news release on the Istanbul-1 well, PentaNova Energy Corp. (the
"Company") (TSXV: PNO), would like to clarify both the
drilling results and the factors surrounding the testing the
Istanbul-1 well ("the
well").
The well, located in the Maria Conchita block in northern
Colombia, commenced drilling on
February 27, 2018 and reached a total
depth of 8,740 feet measured depth ("MD") on March 21st. When drilling through
potential reservoirs of the Jimol formation, the same formation
that tested a combined rate of 18 million cubic feet per day of gas
in the Aruchara-1 discovery well, gas shows were observed on the
mud log.
Open hole logs run between March
21st and March
24th revealed 88.5 feet of low resistivity,
potential gas bearing sands with an average porosity of
20.3%. During logging, 32 sidewall core plugs were cut and
recovered, the analysis of which supports the interpretation of
favourable reservoir properties for the potential gas bearing
reservoir intervals identified on logs.
After logging, a 7-inch liner was run to a depth of 8,732 ft MD
and cemented. Subsequent cased hole logs acquired on March 30th showed a good quality
cement bond across the intervals of interest.
Based on the interpretation of the open hole logs and mud log,
12 separate intervals covering a total thickness of 62.4 feet were
selected and perforated for testing.
Currently, a permanent production completion is being run in
hole, after which the drilling rig blow-out-preventers will be
removed and a production Christmas Tree installed and pressure
tested.
Following completion of the well, flow testing of the potential
gas bearing perforated intervals will start and will last for three
to four days. The testing will consist of a series of flow periods
at different rates, punctuated by shut-in periods to measure the
pressure response of the well. Towards the end testing, a
production log will be run in order to determine the relative
contribution of the different perforated intervals to the overall
total flow.
Once the testing of the well has been completed, PentaNova will
provide a full and comprehensive update on the results of the
test.
About PentaNova
PentaNova is investing in proven leadership and technology to
develop oil and natural gas fields it has acquired in areas
surrounding some of the key energy producing areas in Colombia and Argentina. With decades of proven experience
in Latin America and global energy
development, PentaNova's leadership is working with local partners
and service providers, including YPF, Argentina's respected energy producer, to
deliver the energy for Latin
America's future.
Forward-Looking Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. The information in this news release about the
completion of the operations described herein, and other
forward-looking information includes but is not limited to
information concerning the intentions, plans and future actions of
the parties to the transactions described herein and the terms of
such transaction.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, risks related to the Company's inability to
perform the proposed operations.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to complete the planned operations and activities. The
Company has also assumed that no significant events will occur
outside of the Company's normal course of business. Although the
Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE PentaNova Energy Corp.