Petrominerales Ltd. report Guala-1 oil discovery and provide an update on operations. As previously announced, we drilled our Guala-1 well to a total measured depth of 12,432 feet. Well logs indicate 47 feet of potential net oil pay, 38 feet in the Lower Sand 1 formation and 9 feet in the Guadalupe formation.
After completing the well in the Lower Sand 1, we installed an electric submersible pump and placed the well on production. Within 59 hours of start-up, the well unloaded all of the completions fluid. With a pump setting of 44 hertz choke full open (61% draw-down), the well reached a stabilized oil rate of 2,046 barrels of oil per day ("bopd") of 17 degree API oil, at a 6 percent water-cut.