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PentaNova Energy Commences Drilling on Colombia Gas Property With the Spud of Istanbul-1 Well
PentaNova Energy Commences Drilling on Colombia Gas Property With the Spud of Istanbul-1 W...
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[{"type":"text","content":"\n\n\n\nPentaNova Energy Commences Drilling on Colombia Gas Property With the Spud of Istanbul-1 Well\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Feb. 28, 2018\n\n\n\nVANCOUVER, Feb. 28, 2018 /CNW/ - PentaNova Energy Corp. (the \"Company\") (TSXV: PNO), which has acquired strategically located assets in Colombia and Argentina, is pleased to announce the spud of the Company's first gas well in Colombia's Maria Conchita gas block, where it holds an 80% beneficial working interest.\n\nThe Istanbul-1 well, targeting Colombia's Jimol formation at an estimated TVD of 8,000 feet, was spud on February 27, 2018. The Company expects the well will reach total depth in approximately 20-25 days. PentaNova plans to run a continuous logging program during the drilling.\n\nNeighbouring wells on the block, the Aruchara-1 drilled (1980) by Texaco and the Tinka-1 drilled (1988) by Ecopetrol, were tested at rates of 18mmscfd and 3 mmscfd, respectively, both in the Jimol formation.\n\nColombia's most significant source of natural gas production, the 6 TCF Chuchupa field, is located approximately 50 kilometers northwest of the Company's newly spudded well. The Chuchupa field, discovered in 1973, a strategic energy asset for Colombia, currently produces approximately 30% of the country´s daily output, although gas production has been in decline since 2002 creating a supply problem in the face of rising gas demand. \n\nThe Maria Conchita Block is also conveniently positioned close to existing gas pipeline infrastructure, to bring gas to market. The Promigas trunk line, just 22 kilometers east of the Company's spudded well, connects to the coastal cities of Barranquilla, Santa Marta and Cartagena. To the west, 14 km away, is the Transportadora de Gas Internacional – the TGI S.A. E.S.P. trunk line linking the Chuchupa gas field with central Colombia. This favourable location provides PentaNova with significant optionality for marketing and transportation to bring much needed gas to the domestic market in the event of a commercial gas find.\n\nAbo...