Petroamerica Oil Corp. (PTA.V), a junior oil and gas exploration
and production company with activities in Colombia, has hit 18
month highs this morning as it announced the results of ongoing
testing operations at its Las Maracas-5 well, which flowed
approximately 3,700 barrels of oil per day from the middle Gacheta
sand only. It said this rate does not include production from the
lower Gacheta sand. These results are further to the operations
update release on November 13.
The middle Gacheta sand, which produces in the Las Maracas-3 and
Las Maracas-4 wells, was flow tested in the Las Maracas-5 well and
produced 30 degree API oil from a 6-foot perforated interval at
maximum rate of 3,762 bopd under natural flow conditions, with a
watercut of 0.1% at the end of the test. The well was tested over a
13 hour period and had to be choked back due to storage capacity
limitations at the well site. The well will now be completed as a
Gacheta producer following which the Tuscany 109 rig is expected to
be skidded to drill the Las Maracas-6 well.
The Las Maracas field is situated in the Los Ocarros block,
Colombia, where Petroamerica holds a 50% participating
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