VANCOUVER, April 11, 2018 /CNW/ - PentaNova Energy Corp.
(the "Company") (TSXV: PNO), is pleased to provide an update
on the testing of 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 the
Jimol formation indications of gas were seen and open hole logs,
run between March 21st and
March 24th revealed 88.5
feet of low resistivity, potential gas bearing sands with good
reservoir properties.
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. Six of the perforated
intervals were shot over an upper sand package at depths of between
7,912 feet MD and 8,122 feet MD, while the remaining perforations
targeted a lower sand package at depths of between 8,429 feet MD
and 8,608 feet MD.
From April 06 to April 10, 2018,
the well was flow tested with gas and water produced to surface.
The well was cleaned up for 33 hours and although steady state
conditions were never achieved, the well was flowed through the
test separator for a period of 7 hours at an average rate of
350,000 cubic feet of gas per day and 2,100 barrels of water per
day with an average salinity 18,200 ppm chlorides. After 14 hours
flowing, the accumulated water in the well was impeding the gas
flow. A production log ("PLT") was subsequently run
confirming that the majority of water and gas production was coming
from four zones with 26 feet of perforations in the upper sand
package. The PLT also confirmed that the other potential gas
bearing zones (eight zones with 36.4 feet of perforations) were not
contributing materially to the observed flow, being impeded by the
weight of the water column in the wellbore which severely limited
our ability to achieve sufficient drawdown to initiate gas flow
from these zones.
Given the PLT results, which indicate that eight potential gas
zones were not properly flow tested, the Company plans to secure a
workover rig or coiled tubing, with the intent of isolating the
water producing intervals in order to flow test the other potential
gas bearing zones independently.
The drilling rig was released on April
9th.
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.