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Petrodorado Has Cased Verdal-2X in Talora Block
Petrodorado Has Cased Verdal-2X in Talora Block NOT FOR DISSEMINATION IN THE UNITED STATES ...
About this update from Rok Resources, Inc. Class B
[{"type":"text","content":"Petrodorado Has Cased Verdal-2X in Talora BlockPetrodorado Has Cased Verdal-2X in Talora Block\n\nNOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES\n\nCalgary, Alberta CANADA, January 06, 2014 /FSC/ - Petrodorado Energy Ltd. (PDQ - TSX Venture), (\"Petrodorado\" or the \"Company\")is pleased to announce that casing has been set on the Verdal-2X exploration well in the Talora Block, located in the Upper Magdalena Basin of Colombia.\n\nThe Verdal-2X exploration well was spudded on November 17, 2013, and targeted sands within the Hondita Formation, which lie above the Tetuan Formation source rock. The well reached the original target depth of 5,000 feet True Vertical Depth (\"TVD\") on November 28, and then was drilled to total depth of 6,102 feet TVD on December 1, 2013, with casing set at 6,204 feet Measured Depth (\"MD\"). Petrophysical evaluation indicated potential log pay encountered in three prospective reservoir units. Drilling this well has satisfied all current exploration work commitments on the Talora Block. In the most recent communication from the Agencia Nacional de Hidrocarburos (\"ANH\"), it was confirmed that the Company can now decide if it will enter into the Second Post Exploration Period, which would end August 1, 2015.  The Company has until January 24, 2014, to make this decision.\n\nWith the drilling of the Verdal-2X well, the Company has maintained the block in good standing with the ANH.  Petrodorado, therefore, believes that the underlying basis for the arbitration action commenced by Sintana Energy Inc. (\"Sintana\") on October 4, 2013, has been significantly reduced to Sintana's share of certain disputed well costs from previous operations, which Petrodorado estimates do not exceed  $2.9 million.  On December 20, 2013, Petrodorado submitted its response to the action asserting the Company's position that the well costs were properly incurred and that no amounts are owing to Sintana. Moreover, Petrodorado has issued a counterclaim for Sintana's unpaid share of the costs for $2.6 million related to the drilling of the Verdal-2X well.\n\nPetrodorado maintains its strong preference to amicably reach an acceptable compromise of the dispute in order to preserve and continue the partnership under the original Farmout Agreement, but wil...