PROGRAMME HIGHLIGHTS
First well Cerro Padilla-1 spuds
4 well low cost conventional programme will address:
multiple wells different targets
significant conventional potential with very material upside
oil and gas targets
non-binary outcome, 3 of 4 wells have multiple objectives
The Directors of Petrel Energy Limited (ASX: PRL) are pleased to announce that the New Force rig has completed the final stages of setup and that Cerro Padilla-1 spudded over the weekend. The forward programme is to drill ahead to around 100 metres before setting surface casing and installing the BOP. This will subsequently be tested with final approval from the relevant authorities required before drilling ahead.
The objective of Cerro Padilla-1 is to confirm the reservoir potential of the Tres Islas sand and Permian source rock at shallow depth. It is being drilled up dip of the Cerro Padilla E-1 corehole which encountered 3m of Tres Islas sandstone with flowing fluorescence (potential oil charge). It will also test Permian source rock quality and has an estimated OOIP P90 of 21MMB. Any decision to deepen this well to also evaluate the Devonian will be made following analysis of initial results.
Managing Director, Mr David Casey, said “while initial rig setup and shakedown has taken longer than anticipated, it was probably to be expected given this is the first time this new rig has been configured with the rest of New Forces drilling equipment.”
He went on to say “it is a testament to the dedication of everybody involved that we have finally reached this point. It is no small effort to mount a multi-well drilling programme in a new jurisdiction and the effort of our staff, contractors and the relevant government authorities and ANCAP has been outstanding”.
