P1 Energy Corp. has made an oil discovery on the operated Llanos 32 Block (LLA-32). P1 holds a 50% working interest which we anticipate becoming a 40% working interest pending the submission and approval of an assignment of a 10% interest to a 3rd party.
The Maniceño-1 well was spud on March 2, 2012 and after a side track of the original wellbore, reached total measured depth of 11,027 feet on April 18, 2012. The well targeted the Mirador and Une formations. Log interpretations in the Mirador indicate net pay of more than 50 feet. The top 14 feet (10,750’ – 10,764’) of the indicated pay in the Mirador was perforated and production tested on jet pump at an average rate of 7,280 barrels of oil per day of approximately 25 degree API crude oil and less than 5% basic sediment and water (“BS&W”) over a four hour period.