Petrominerales targets seven new Llanos basin wells

Monday, February 28, 2011

Canadian oil firm Petrominerales (TSX: PMG) plans to drill up to seven extra wells on its Casimena licenses in Colombia's central Llanos basin following recent discoveries at the Yenac and Mantis prospects, the firm announced in a presentation.

At least five additional wells will be drilled at the Yenac prospect, where the firm is currently drilling its Yenac-3 well. Previous discoveries at this reservoir produced flow rates between 1,800b/d and 2,900b/d during 2010.

At least two more wells are planned for the Mantis discovery. Petrominerales announced the successful testing of Mantis-1 in January, producing rates of 1,800b/d of 17 degree API oil.

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The 43,000ha Casimena block was awarded to Petrominerales by Colombia's national hydrocarbons agency (ANH) in 2005. The new wells will be drilled as part of the firm's 46 well program for 2011. Capex for this year is likely to hit US$506mn, according to the company's predictions.

In a separate statement, Petrominerales announced that proved plus probable reserves had reached 60Mboe by the end of last year.

Production in 2010 averaged 37,027b/d, up 66% from average output in 2009, the firm added.