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+--- Thread: Pacific Rubiales update (/showthread.php?tid=860)
- Petrovale - 05-22-2012
TORONTO , May 22, 2012 /PRNewswire/ - Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) provided today a strategic and operational update relating to the results of the recent testing of the Triceratops-2 appraisal well where the Company holds a net 10% non-operated participating interest in the well drilling on Petroleum Prospective License 237 ("PPL-237"), onshore Papua New Guinea .
As announced earlier by the operator, InterOil Corporation (NYSE: IOC; POMSoX: IOC), the Triceratops-2 well reached total depth of 2,236 metres (7,334 ft) in the Lower Limestone, and a drill stem test ("DST") across a 228 meter (748 ft) open hole section in the upper reservoir zone tested 17.6 MMcf/d gas with a measured condensate liquids content of between 13.6 and 16.3 bbl per MMcf. Preliminary data from the test indicates that the upper reservoir zone in Triceratops-2 is pressure connected to the Bwata-1 well drilled 3.5 kilometers along trend and which tested gas flows up to 28 MMcf/d. The test rates from the Triceratops-2 well compare favourably with equivalent DST intervals in wells drilled on the Elk/Antelope structure along trend. The Elk/Antelope structure has independently certified best case contingent resources of 8.6 Tcf gas and 129 MMbbl condensate.
Ronald Pantin , Chief Executive Officer of the Company, commented: "This is a very exciting result and confirms our belief that the Triceratops structure and PPL-237, along with earlier discoveries by InterOil in the adjacent Elk/Antelope structure, indeed represents a world class gas and condensate trend and provides the Company with the strategic opportunity for early stage large resource capture on the doorstep of the world's fastest growing primary energy markets. Not only is the Triceratops structure in itself proving to be a new discovery of significant magnitude, but additional prospects and leads on the large PPL-237 block provide further potential resource upside."
The upper reservoir zone is underlain by an 80.5 meter (264 ft) marl and argillaceous limestone interval that likely acts as a seal separating it from an indicated lower reservoir zone. Wireline logs across this lower zone suggest a potential dolomitic reservoir. Gas shows encountered during drilling along with recovery of condensate in a DST across a 29 meter (96 ft) interval indicate potential movable hydrocarbons in the lower reservoir zone. The Triceratops-2 well did not encounter a gas-water contact ("GWC") despite drilling below the depth of a GWC identified in the adjacent Bwata-1 well, indicating that the lower reservoir zone is in a different compartment.
The Company's evaluation of all the well, petrophysical, test and seismic data to date, indicates a P50 structural closure of approximately 10,000 acres with net pay of 1,700 feet, and high quality reservoir with average porosities of 6% and water saturations of 20%, for the Triceratops structure.
InterOil has indicated that it will proceed with casing the well and a program of perforating and testing zones of interest including the indicated lower reservoir zone. Testing through casing is expected to yield more definitive results than those possible on limited DST's.
Below is a map showing location of PPL-237 and Triceratops structure, Papua New Guinea
Image available at: http://photos.newswire.ca/images/download/20120522_C9421_PHOTO_EN_13994.jpg
- admin - 05-22-2012
Thanks for that, Petro
- petrengr1 - 05-22-2012
Either I or Pacific Rubiales Energy Corp. are confused.
Rubiales Energy Corp. Says: “The Triceratops-2 well did not encounter a gas-water contact ("GWC") despite drilling below the depth of a GWC identified in the adjacent Bwata-1 well, indicating that the lower reservoir zone is in a different compartment.”
IOC says: “DST#2 tested the interval between 6,358.3 feet (1,938 meters) and 6,454.5 feet (1,967.34 meters) in this deeper section and this data indicates a separate
pressure system in this interval. An independent formation evaluation indicates potential movable liquid hydrocarbons in this lower reservoir interval, and DST#2 recovered small amount of condensate in the DST string.” at http://www.interoil.com/newsrelease/2012-05-14_T-2_DST_Final.pdf and “DST#2 produced water with a small volume of very light oil that exhibited condensate composition” at http://www.interoil.com/presentation/2012-05-14_1Q_Results_CC_Final.pdf chart 16.
Also Rubiales Energy Corp says: “The Company's evaluation of all the well, petrophysical, test and seismic data to date, indicates a P50 structural closure of approximately 10,000 acres with net pay of 1,700 feet, and high quality reservoir with average porosities of 6% and water saturations of 20%, for the Triceratops structure.”
Whereas IOC has told us on the conference call that we have 62 square miles of closure (about 40,000 acres).
- jft310 - 05-22-2012
Pet -These reports were issued at different times.Is this better info cause its later??I don't expect you to know for sure just speculating on reasons why??
- sageo - 05-26-2012
Pet-At this point in time,the 40,000 acres seems more correct.In addition,I share your concerns about dst2.(some water or no water). Also,do you believe PRE could ship in one of their rigs to expidite drilling in ppl 237? Please forgive my persistence,but I still believe strongly that ppl 237 is a monster waiting to be unleashed! BTW,isn't T-Rex the prospect that we share with LNG energy in ppl 319? LNG is now in the farm-in mode for 319. Their new seismics look very interesting! TIA for your coments as always.
- trans - 05-26-2012
We share another one, can't remember now the name
- petrengr1 - 05-26-2012
Sageo- Let me answer your questions one by one.
1. Yes, I think the total field is close to 40,000 acres.
2. IOC reported that DST#2 produced water and a little condensate. I interpret this to mean the drill pipe filled with formation water to somewhere below the surface. When they pulled the drill pipe they found a little condensate floating on top of the water inside the drill pipe. I believe there was no flow to the surface.
3. I do not know anything about Rubiales Energy Corp but my guess is that they do not have any rigs. They probably use contract drilling rigs.
4. I think IOC has several good prospects in PPL237 one of which is T-Rex unless the carbonate outcrops, in which case it may be dry or low pressure. Most of the structure appears to be on the IOC side of the boundary between IOC and LNG Energy. See http://www.lngenergyltd.com/i/pdf/CorporatePresentation2011_09_26.pdf chart 12. LNG Energy’s stock price looks like they may be about to go out of business.