VANCOUVER, Feb. 28, 2018 /CNW/ - 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. 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.
PentaNova is investing in proven leadership and technology to develop oil and natural gas fields it has acquired in areas surrounding some of the key energy producing areas in Colombia and Argentina. With decades of proven experience in Latin America and global energy development, PentaNova's leadership is working with local partners and service providers, including YPF, Argentina's respected energy producer, to deliver the energy for Latin America's future.
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. The information in this news release about the completion of the operations described herein, and other forward-looking information includes but is not limited to information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms of such transaction.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, risks related to the Company's inability to perform the proposed operations.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to complete the planned operations and activities. The Company has also assumed that no significant events will occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE PentaNova Energy Corp.
For further information: PentaNova Energy Corp., Ralph Gillcrist, CEO & President; Chris Reid, CFO, Tel: (604) 609-6110, E-mail: [email protected]