PetroMagdalena Energy Corp. provided an update on its ongoing exploration program.
"We are pleased to announce the continuation of our successful exploratory and development drilling program. The Copa 4 development well at Cubiro has extended the mapped reservoir area with higher formation tops than predicted and with positive tests of the zones identified petrophysically, this could lead to a measurable increase in oil reserves for the Copa Field," said Chief Executive Officer Luciano Biondi.
The Copa 4 development well was spudded on March 31, 2012 and reached TD on April 12 at 6,240 feet MD in the top of the Gachetá Formation. Well logs were run on April 13th. The petrophysical evaluation of the C7, C5 and C3 sandstones, all productive in the Copa field, estimates the well logs to be 15 to 20 feet higher than predicted in the mapping done based on the seismic interpretation. Petrophysics indicate potential hydrocarbon pays of 7 feet in the C7, 17 feet in C5, 13 feet in C5, and 11 feet in C3.