VANCOUVER, Jan. 19, 2018 /CNW/ - PentaNova Energy Corp. (the "Company") (TSXV: PNO) is mobilizing a drilling rig to further develop its natural gas resources in Colombia's Maria Conchita gas field.
The Maria Conchita field consists of two major gas discoveries with a 2P reserves base of 112 BCF, and additional development and exploration upside. The field is adjacent to the Ballena-Chuchupa complex, Colombia's largest gas field in the Guajira region of Colombia.
Ballena-Chucupa, in the Guajira region of Colombia, currently produces roughly 30% of the country's gas. The existence of two trunk pipelines on both sides of the Maria Conchita field enable the company to bring online gas production to market economically. The initial well is being drilled on the Aruchara, a proven gas field,
"This is another major step in PentaNova's strategy to become one of Latin America's significant energy producers by unlocking major energy assets in Colombia and Argentina," said Serafino Iacono, Chairman of PentaNova. "The Maria Conchita block has great potential to be a highly productive gas development that will provide energy to a part of Colombia that has a real need for additional energy."
The 2000 HP drilling rig being mobilized is a high efficiency AC powered unit with a 500 ton Top Drive. Once on site, it will take approximately 30 days to drill and test the well. The initial well, being drilled on the Aruchara proven gas field, is expected to be roughly 9000 feet in total depth. Results from this well will be evaluated to further optimize the path forward to bring the Maria Conchita block onto production.
About PentaNova Energy Corp.
PentaNova Energy Corp. is a publicly traded company developing oil & gas resources in Latin America. We are bringing our proven expertise, technology and new investment to develop world-class — yet still under-valued — energy assets in oil and natural gas. We have acquired — and are actively developing — major heavy oil fields in Argentina, containing billions of barrels of resources. In Colombia, we are developing natural gas projects to produce the electricity for communities and industry. Our mission is to help develop 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.
Please visit our website at www.pentanovaenergy.com
SOURCE PentaNova Energy Corp.
For further information: Serafino Iacono, Executive Chairman & Director, Gregg Vernon, President, Telephone: +1 (604) 609 6110, Email: [email protected]