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Suroco Energy Tables Testing after Poyato-1 Exploration Well Comes Up Short

Suroco Energy Inc. (SRN.V) said it is suspending testing on the Poyato-1 exploration well in the San Antonio Block of Colombia after finding no natural flow in several zones during initial tests.

Suroco spudded the well July 21 and drilled a total of 8,550 feet, encountering crude oil and natural gas in the Mirador and Une formations. The first two tests ultimately swabbed only fresh water, with similar results in subsequent testing, although 24.4 barrels of crude oil were recovered in the upper Mirador interval during seven hours of swabbing operations.

Suroco owns a 28% stake in Poyato-1 with its net costs from drilling and testing expected to reach about $900,000.

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

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