----Petrolifera Petroleum Limited announces significant Colombian gas discovery
Petrolifera Petroleum Limited (PDP-TSX) announced today the results of its recently tested Brillante SE-1X well, drilled, completed and tested ahead of schedule and below budget on its 100% owned Sierra Nevada License in Colombia.
A drill stem test ("DST") conducted between 3,138 feet - 3,350 feet subsurface (212 foot gross pay interval, 105.5 foot net pay interval) flowed dry natural gas and no water from the Cienaga de Oro Formation ("CDO") at a measured rate of 8.4 MMcf/d, through a 48/64th inch choke with surface pressure at 579 psi.
The company has estimated that the calculated absolute open flow ("AOF") rate of the well to be 12.5 MMcf/d of natural gas, based on the available data from the test. This AOF rate will be reviewed and updated once downhole gauges are recovered from the well and pressure data can be further analyzed.
Log evaluations conducted by a third party independent petrophysical consultant of the interval from 3,138 feet - 9,500 feet, the total depth of the well, indicate the presence of a total of 429.5 feet of possible net natural gas pay. No resource or reserve calculations can be made until the company conducts a long-term test of the perforated interval.
Current plans are to suspend the well until a permit to conduct a long-term test is received. Evaluations of deeper pay intervals drilled in the Brillante SE-1X well will be conducted in subsequent appraisal wells.
Readers should be cautioned that measured flow rates and the calculated AOF rate may not be indicative of stabilized production rates for the Brillante SE-1X well. Further long term testing of the Brillante SE-1X well is required. Petrolifera has a right to appraise its oil and gas rights in Colombia but it does not have a right to produce same until such time as the reserves are determined to be commercial.
Petrolifera Petroleum Limited is a Calgary-based crude oil, natural gas and natural gas liquids exploration, development and production company with interests in eleven concessions or licenses in Argentina, Colombia and Peru. ----Rich.
