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GUYANA -Oil drilling begins in the Rupununi; sustainable output key
Monday, 07 March 2011 19:17
Demerara Waves
Drilling for oil in southern Guyana is continuing but the success would depend on the sustainability of the output due to the geological make-up of the area, a senior company official said Monday. Vice President for Capital Markets and Investor Relations at Canacol, Kevin Flick said the Canadian company could get preliminary results by month-end and final results any time after mid-April.
“We really do believe that there is oil but it has to do with the sustainability of the reservoir,” Flick told demwaves.com
Projections are that the K-2 exploration well could produce 500 to 1,500 barrels per day.
Depending on their assessments, Canacol could drill up 13,000 feet in an effort to reach a sustainable reservoir, rather than one with fluctuating output. “There’s a lot of opportunity to go deeper,” he said.
He explained that due to the geological formation-fractured volcanics- oil production could be erratic but experiences in Argentina have shown that if the well is struck at the right place and depth, the production could be very high and sustainable.
Flick said Canacol has so far spent $7.5 million on the current drilling operation and the company is poised to go ahead with a second drill programme in southern Guyana at a cost of $4 million.
Canacol Energy said in a statement Monday that the K-2 exploration well on the Takatu Block was being drilled at a depth of 7,366 feet measured depth within the Jurassic Pirara formation.
Intermediate casing is planned to be set at approximately 8,970 feet prior to drilling through the primary reservoir targets in the Manari and Apoteri formations, the company said.
Canacol explained that the K-2 well would be drilled to a measured depth of approximately 11,000 feet and will target the same productive reservoirs that tested over 400 barrels of oil per day of 42° American Petroleum Institute (API) light oil from the Karanambo 1 well drilled in 1982 and located 600 meters away.
Experts said that 42° API was a high-quality light oil but the issue back then was sustainability of supply. Eventually, a lot of water had accompanied the oil then.
Canacol has a 90% working interest in the contract, with Groundstar Resources Limited ("Groundstar"), the operator of the Petroleum Prospecting License (PPL), holding the remaining 10%.
Sagres Energy Inc. is eligible to earn a 25% working interest in the PPL from Canacol by paying for 30% of the cost to drill the K-2 exploration well.
Nota del editor del blog: Al referenciarse a la República Cooperativa de Guyana se deben de tener en cuenta los 159.500Km2, de territorios ubicados al oeste del río Esequibo conocidos con el nombre de Guayana Esequiba o Zona en Reclamación sujetos al Acuerdo de Ginebra del 17 de febrero de 1966.
Territorios estos sobre los cuales el gobierno Venezolano en representación de la Nación venezolana se reservo sus derechos sobre los territorios de la Guayana Esequiba en su nota del 26 de mayo de 1966 al reconocerse al nuevo Estado de Guyana .
“...por lo tanto, Venezuela reconoce como territorio del nuevo Estado, el que se sitúa al este de la margen derecha del río Esequibo y reitera ante la comunidad internacional, que se reserva expresamente sus derechos de soberanía territorial sobre la zona que se encuentra en la margen izquierda del precitado río; en consecuencia, el territorio de la Guayana Esequiba sobre el cual Venezuela se reserva expresamente sus derechos soberanos, limita al Este con el nuevo Estado de Guyana, a través de la línea del río Esequibo, tomando éste desde su nacimiento hasta su desembocadura en el Océano Atlántico...”
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