UPDATE: PetroNova Provides Update On Matamata-1 Well On CPO-07; Shrs Near Yr Lows
PetroNova Inc. (PNA.V), which is trading near a year low 35 cents, provided an update at its Matamata-1 exploratory well located on the CPO-07 Block (in which PetroNova has 20% working interest) in Colombia's Llanos Basin.
The Matamata-1 exploration well was spud on November 1, 2012 and reached a total depth of 4,040 feet on November 9, 2012 without incident. Good sand development in the C5 and C7 Intervals of the Carbonera Formation were identified, however, as petrophysical interpretation resulted in low resistivity and high water saturation for the objective C7 and C5 sands, the Operator is presently abandoning the well.
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