Black Rock Oil & Gas Plc - Acacia Este 2 Update
Posted by Aquila Financial on Tuesday, March 04, 2008
Full Details
On 14 January 2008 Black Rock Oil & Gas Plc (“Black Rock” or the “Company”), stock code: BLR, the AIM-traded oil and gas exploration and production company, announced that testing on the Acacia Este 2 appraisal well in the Las Quinchas Association Contract in Colombia had been initiated by its joint venture operator, Kappa Resources Colombia Limited ("Kappa").
Acacia Este 2 was drilled 500 metres north of Acacia Este 1 to a total depth of 3752 feet. Oil shows were encountered over more than one hundred feet whilst drilling the target Tertiary-aged Lower Mugrosa Formation. Multiple zones are now being tested in Acacia Este 2 in order to assess the well’s potential productivity.
Three intervals in the Lower Mugrosa were perforated in Acacia Este 2 and the swab testing and ongoing extended well test with a PCP pump have confirmed heavy oil production with a water cut less than 1%. Analysis of the oil indicates that it has a gravity of 14.9° API, which is similar to Acacia Este 1. Production rose to a maximum of 20 BOPD (barrels of oil per day) but currently the well is producing between 5 and 10 BOPD. Evaluation and testing of the well is ongoing.
Acacia Este 1 is currently pumping between 50 and 60 barrels of 14.9°API heavy oil per day under long-term production test. Additional storage facilities have been installed at the Acacia Este Field site.
The Operator is also currently preparing the Arrinconada well site on the Alhucema E&P Contract for drilling of the well in the next few months.
Dr John Cubitt, Managing Director of Black Rock Oil & Gas Plc, commented:
“The results so far from the production test on Acacia Este-2 together with the continuing long term production test from Acacia Este-1 are positive for the field. The next important milestone for Acacia Este is the acquisition of the seismic to better understand the field ahead of selecting the drilling location for the Acacia Este-3 well.”
Qualified Person
Dr John Cubitt (a Director of the Company) has been involved in the oil and gas production industry for more than 26 years. Dr John Cubitt is a registered Chartered Geologist (CGeol) and has a BSc and PhD in geology. He has compiled, read and approved the technical disclosure as it relates to Black Rock in this regulatory announcement.
Enquiries:
Black Rock Oil & Gas Plc Tel: 01189 001350
Dr John Cubitt, Managing Director www.blackrockoil.com
Beaumont Cornish Limited (Nominated Adviser) Tel: 0207 628 3396
Michael Cornish
Hanson Westhouse Limited (Broker to the Company) Tel: 0207 601 6100
Tim Feather / Matthew Johnson
Aquila Financial Limited Tel: 01189 794100
Peter Reilly
ENDS
Category
Company News Release