PentaNova Energy Corp is a Canada-based oil and gas exploration and development company focusing on latin america.
It operates in single segment namely the exploration and development of hydrocarbons and related activities in Latin America.
The oil /gas in the ground in Colombia is valued at less than other developed countries as exploration has been ignored in that part of the world for a long time.
The assets in the ground are brand new wealth to companies if unlocked by drilling.
The company holds a variety of diversified portfolio of unexploited assets in Colombia and Argentina. Its Colombia holdings consist of Maria Conchita block, SN-9 block, and Tiburon block whereas Argentina portfolio comprises of KM8, La Mariposa, Llancanelo, and Sur Rio Deseado Este."
PentaNova Energy Commences Drilling on Colombia Gas Property With the Spud of Istanbul-1 Well
PentaNova Energy Corp. (the "Company") (TSXV: PNO), which has acquired strategically located assets in Colombia and Argentina, is pleased to announce the spud of the Company's first gas well in Colombia's Maria Conchita gas block, where it holds an 80% beneficial working interest.
The Istanbul-1 well, targeting Colombia's Jimol formation at an estimated TVD of 8,000 feet, was spud on February 27, 2018. The Company expects the well will reach total depth in approximately 20-25 days.
Which is tomorrow March 23rd. The success of this well could bring cash flow to the company in less than 18 months. News should follow next week if they do encounter natural gas.
PentaNova plans to run a continuous logging program during the drilling.
Neighbouring wells on the block, the Aruchara-1 drilled (1980) by Texaco and the Tinka-1 drilled (1988) by Ecopetrol, were tested at rates of 18mmscfd and 3 mmscfd, respectively, both in the Jimol formation.
Colombia's most significant source of natural gas production, the 6 TCF Chuchupa field, is located approximately 50 kilometers northwest of the Company's newly spudded well.
The Chuchupa field, discovered in 1973, a strategic energy asset for Colombia, currently produces approximately 30% of the country´s daily output, although gas production has been in decline since 2002 creating a supply problem in the face of rising gas demand.
The Maria Conchita Block is also conveniently positioned close to existing gas pipeline infrastructure, to bring gas to market. The Promigas trunk line, just 22 kilometers east of the Company's spudded well, connects to the coastal cities of Barranquilla, Santa Marta and Cartagena.
To the west, 14 km away, is the Transportadora de Gas Internacional - the TGI S.A. E.S.P. trunk line linking the Chuchupa gas field with central Colombia.
This favourable location provides PentaNova with significant optionality for marketing and transportation to bring much needed gas to the domestic market in the event of a commercial gas find.
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