Maurel & Prom has confirmed that the Ocelote SW-1 and Ocelote-2 exploration wells in the Guarrojo Exploration contract in the Llanos region of Colombia located 300km east of Bogota, have been drilled to 4,674 ft and to 4,355 ft depth.
The Ocelote-SW1 well met an oil interval in the Carbonera formation and showed an output of 1,278 b/d of an oil of approximately 25 degrees API.
The Ocelote-2 well met an oil interval in the Carbonera formation and showed an output of 622 b/d of an oil of approximately 25 degrees API.
Maurel & Prom, the operator, holds 100% of this exploration contract signed in February 2006 with the National Hydrocarbon Agency of Colombia (ANH); the royalties stand at 8%.
The first positive well, Ocelote-1, drilled at the beginning of 2007, is currently in an extended test, producing 580 b/d of an oil of about 25 degrees API. A 3D seismic survey of 165 km2 was acquired immediately following the discovery, to support the appraisal and development drilling plans.
Total production from the three Ocelote wells is currently 2,480 b/d (2,281 b/d net post-royalties). The production of these wells could be restrained in order to monitor sand and water levels. 7 additional wells are planned for 2008.
A new exploration well, the Guarrojo SW-1 is now planned to spud in June 2008 to test the southwestern part of the permit.
Currently, Hocol, the wholly owned subsidiary of Maurel & Prom, has facilities on this permit to handle up to 3,500 b/d. The production of these three wells is currently being evacuated by truck. Additional surface facilities are under construction to handle an additional 5,000 b/d.
These two new positive wells allow the Group to pursue its objectives, in terms of production and in terms of reserves replacement.
In the San Jacinto & Rio Paez association with Maurel & Prom also the operator, holding a 36.67% equity the Cumbia exploration well located in the Upper Valley of the Magdalena, 300 km southwest of Bogota, has been plugged and abandoned.