Alange Energy Announces New Discovery at Cubiro in the Llanos Basin of
Colombia
The Careto-5 was drilled as a directional well with an inclination angle of 35 degrees in the Cubiro Block to a final depth of 8,450 feet. It found the top of the Carbonera C-7 sandstones at a depth of 6,202 feet true vertical depth sub-sea ("TVDSS") (7,144 feet measured depth ("MD")) and the oil-water contact at 6,229 feet TVDSS (7,174 feet MD). The top of the Gacheta sandstones was found at a depth of 6,945 feet TVDSS (7,954 feet MD). The total vertical oil column in the three zones (Carbonera C-7, Guadalupe and Gacheta) is 35 feet. The Guadalupe and Gacheta formations are exploration projects within the Cubiro Block.
Preliminary petrophysical evaluation of the well data indicated a net pay zone of 12 feet with porosities of 25% in the Gacheta formation, a channel-shaped reservoir with high permeability. A multi-rate test was performed on the well with the following results:
Choke (inch) THP (psia) Volume (bopd) 16/64 162 657 20/64 102 666 24/64 52 660 API Gravity: 34.8 degrees BS&W: 0.1% Permeability: 600 to 2500 md Reservoir pressure: 2890 Psia Bottom hole flowing pressure: 2650 Psia Productivity Index: 3.08 to 4.9 Bls /psia Oil Saturation: 75 %
The Company decided to complete this well on natural flow in the Gacheta formation and it has prepared a program for the installation of an electro-submersible pump, with the simulation projecting 1,249 barrels per day of production at 35 Hz of frequency. Alange Energy's current development campaign includes the Careto-6 well, which has already reached total depth and is currently being tested, plus a likely twin well to Careto-5, which would target the remaining prospective horizons of Carbonera C-7 and Guadalupe. Additionally, the Company will engage in geological studies and appraisal drilling to determine the extent of this new find.
Cubiro is an E&P block in which the Company holds a 60.5% working interest. The well is expected to be on permanent production by
Alange Energy is a Canadian-based oil and gas exploration and production company, with working interests in 12 properties in four basins in
This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities laws concerning the business, operations and financial performance and condition of Alange Energy Corp. and may contain forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements are detailed from time to time in the Company's periodic reports filed with the British Columbia Securities Commission and other regulatory authorities. The Company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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For further information: Michael Davies, Chief Financial Officer, (416) 360-4653, ext. 224
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