Sagres Energy Inc. ("Sagres" or the "Company") (TSX VENTURE:SGI), an international oil and gas exploration company with an exploration portfolio in Guyana, Colombia and Jamaica, provides the following update of the Apoteri K-2 ("K-2") exploration well on the Takutu Block in Guyana.
The K-2 well reached the programmed total measured depth of 9,812 feet within the Apoteri Formation, the primary target of the well, on April 20, 2011.
The top of the Apoteri Formation was encountered at 8,300 feet measured depth ("ft md"), with light oil and gas shows encountered from 8,300 to 9,376 ft md.
Reservoir quality in this zone however is poor based on openhole logs and drilling indicators.
Three drill stem tests ("DSTs") were performed in this interval, one was a mechanical failure and the other two were mechanically successful but failed to recover any reservoir fluids, indicating very tight reservoir.
Starting at 9,764 through to 9,812 ft md mud losses of up to 3.6 barrels per minute were encountered, indicating the presence of a significantly fractured reservoir zone within the Apoteri Formation in proximity to the main bounding fault.
A DST was performed across this fractured interval on April 22, 2011, testing approximately 1,500 barrels of formation water per day with no trace of oil.
Although excellent reservoir quality was encountered in this interval of the Apoteri Formation, the fractured reservoir appears to have been penetrated below the oil water contact, defined by the interval of oil and gas shows higher up in the section between 8,300 and 9,376 ft md.
Over the course of the next week the Apoteri K-2 well will be permanently abandoned, and the consortium is currently evaluating the next exploration drilling location on the block.
Canacol Energy Ltd. has a 65% working interest in the contract, with Groundstar Resources Limited, the operator of the Petroleum Prospecting License ("PPL"), holding 10%. Sagres Energy Inc. has earned a 25% working interest in the PPL from Canacol by paying for 30% of the cost to drill the K-2 exploration well.
About Sagres
Sagres Energy Inc. is a Canadian based international oil and gas exploration company with an exploration portfolio in Colombia, Guyana and Jamaica.
The K-2 well reached the programmed total measured depth of 9,812 feet within the Apoteri Formation, the primary target of the well, on April 20, 2011.
The top of the Apoteri Formation was encountered at 8,300 feet measured depth ("ft md"), with light oil and gas shows encountered from 8,300 to 9,376 ft md.
Reservoir quality in this zone however is poor based on openhole logs and drilling indicators.
Three drill stem tests ("DSTs") were performed in this interval, one was a mechanical failure and the other two were mechanically successful but failed to recover any reservoir fluids, indicating very tight reservoir.
Starting at 9,764 through to 9,812 ft md mud losses of up to 3.6 barrels per minute were encountered, indicating the presence of a significantly fractured reservoir zone within the Apoteri Formation in proximity to the main bounding fault.
A DST was performed across this fractured interval on April 22, 2011, testing approximately 1,500 barrels of formation water per day with no trace of oil.
Although excellent reservoir quality was encountered in this interval of the Apoteri Formation, the fractured reservoir appears to have been penetrated below the oil water contact, defined by the interval of oil and gas shows higher up in the section between 8,300 and 9,376 ft md.
Over the course of the next week the Apoteri K-2 well will be permanently abandoned, and the consortium is currently evaluating the next exploration drilling location on the block.
Canacol Energy Ltd. has a 65% working interest in the contract, with Groundstar Resources Limited, the operator of the Petroleum Prospecting License ("PPL"), holding 10%. Sagres Energy Inc. has earned a 25% working interest in the PPL from Canacol by paying for 30% of the cost to drill the K-2 exploration well.
About Sagres
Sagres Energy Inc. is a Canadian based international oil and gas exploration company with an exploration portfolio in Colombia, Guyana and Jamaica.
The common shares of Sagres are listed for trading on the TSX Venture Exchange under the symbol "SGI".
Resource estimates and other forward-looking information
This news release contains forward-looking information relating to the abandonment of the Apoteri K-2 well, the evaluation of the next exploration drilling location on the block. and other statements that are not historical facts.
Forward-looking information relates to management's future outlook and anticipated events or results, and may include statements or information regarding the future plans or prospects of the Company.
Resource estimates and other forward-looking information
This news release contains forward-looking information relating to the abandonment of the Apoteri K-2 well, the evaluation of the next exploration drilling location on the block. and other statements that are not historical facts.
Forward-looking information relates to management's future outlook and anticipated events or results, and may include statements or information regarding the future plans or prospects of the Company.
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