Petroamerica Oil Corp. announce that the La Guira-2 appraisal well, located on the Los Ocarros Block, has been cased for testing.
After the La Guira-2 appraisal well reached its target depth of 12,600 feet the well was logged and the decision was made to case the well for testing. Testing will be performed on the Mirador and Gacheta Formations using a work-over rig and will commence once the rig is secured and on site.
The La Guira-2 well was drilled as a sole risk operation, and Petroamerica currently holds 100% of the working interest ("WI") in this well. The other 50% WI partner in the Los Ocarros Block does have the right to re-establish their WI position in this well subject to a penalty payment based on the total cost of this well.