Petroamerica Announces Start of Appraisal Drilling with Spud of its La Casona-2 Well

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Petroamerica Oil Corp. (PTA.V), a junior oil and gas company operating in Colombia, announced the start of appraisal drilling at its La Casona discovery on the El Eden Block in the Llanos Basin of Colombia. The La Casona-2 appraisal well was spud on May 30, 2013 and is targeting the Gacheta and Une Formations that tested light oil and gas in the La Casona-1 discovery well, and will evaluate the Mirador Formation which was not flow tested at La Casona-1. The well is expected to be drilled to a target depth of approximately 16,000 feet and is expected to take approximately 60 days to drill and complete. Upon completion of drilling operations at the La Casona-2 well, the drilling rig is expected to mobilise and drill the Rumi-1 exploration well on the same block.

The construction of the long-term test facility, including gas compression, at La Casona-1 is underway and it is anticipated that the La Casona-1 well will be placed on long-term production test towards the end of the third quarter of this year.

Petroamerica holds a 40% non-operated participating interest in the El Eden Block, 15% of which is still pending approval by the Colombian National Hydrocarbon Agency ( ANH ).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: ANH

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