Parex Resources Announces Two Light Oil Discoveries and Current Oil Production Over 9,300 bopd
13 9월 2011 - 5:50AM
Marketwired Canada
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES
Parex Resources Inc. ("Parex" or the "Company") (TSX VENTURE:PXT), a company
focused on oil exploration and production in Colombia and Trinidad, is pleased
to announce that light oil discoveries have been made on the Sulawesi and Las
Maracas prospects and that net working interest production has exceeded 9,300
barrels of oil per day ("bopd").
Recent Highlights (post August 11, 2011):
-- Successfully drilled and tested four oil wells: Sulawesi-1, Las Maracas-
2 side track, Kona-4 and Kona-8;
-- Within seven weeks of the spud date, the exploration well Sulawesi-1
(100 percent working interest) had been drilled to 12,000 feet; tested
over 4,000 bopd from two formations; was on production at a facility
restricted rate of 1,300 bopd and drilling an appraisal well had begun;
-- Fulfilled Los Ocarros Block work commitments to earn a 50 percent
working interest in the Las Maracas discovery;
-- Continued successful delineation of the Kona field with Kona-4 and Kona-
8 brought on-stream at a total production rate of approximately 2,700
bopd;
-- Increased current production to over 9,300 bopd.
Colombia Exploration Update
The Sulawesi-1 well on Block LLA-16 was spud on July 16, 2011. This well was
drilled to a depth of 12,000 feet to test the C7 and Mirador formations and is
located approximately 11 kilometers south of the Kona field, along the same
fault trend. The well encountered three prospective zones and log interpretation
indicates 14 feet of net pay in the Mirador Formation, 18 feet in the Lower C7
Formation and 11 feet in the Upper C7 Formation. Drill and casing operations
were finished on August 8th, 2011 and the drilling rig was then equipped to
conduct completion operations. The well was tested in the Mirador Formation and
produced 37 degree API light oil under natural flow at a rate of up to 1,500
bopd with 0.1 percent water cut and a drawdown of 17 percent. The Mirador
Formation was then suspended with a temporary bridge plug to allow testing of
the Lower C7 formation. The Lower C7 Formation was perforated and tested 30
degree API light oil at rates up to 2,600 bopd with 0.3 percent watercut with an
estimated drawdown of 5 percent. The Upper C7 Formation will be tested in a
future appraisal well. Completion operations were concluded and the rig was
released on August 27th, 2011. The rig was immediately skidded to drill
Sulawesi-3(1) from the same drilling pad. The Sulawesi-3 well was spud on August
29th, 2011 as a follow-up appraisal well to the north of Sulawesi-1.
On September 5th, 2011 the Sulawesi-1 well commenced production at a rate of
1,300 bopd from the Lower C7 Formation through a temporary, flow rate restricted
facility. Parex is currently procuring equipment for the installation of a 4,000
bopd permanent facility for the Sulawesi discovery. The Company intends to drill
a third well into the prospect, Sulawesi-2(1) to the south of Sulawesi-1 during
the fourth quarter of 2011 to be coordinated with the facility expansion.
On June 22, 2011, Parex signed a farm-in agreement with Petroamerica Oil Corp.
("Petroamerica") for the Los Ocarros Block, which is located directly south-west
of Block LLA-16. The Las Maracas-2 side track well was drilled to the Mirador
Formation. The well was completed and tested under natural flow at a rate of 938
bopd with a final water cut of 1.8 percent. Pursuant to the terms of the farm-in
agreement, Parex has now satisfied the work commitment to earn a 50 percent
working interest of the Las Maracas discovery.
For the remainder of 2011, Parex expects to operate three drilling rigs and one
service rig in Colombia on its 100 percent working interest blocks. In addition
to the appraisal and delineation activity planned for Kona, Supremo and
Sulawesi, the exploration prospects scheduled to be spud prior to year-end 2011
are Kona Norte, Merida and Java on LLA-16, and Cumbre on LLA-20.
On blocks LLA-29 and LLA-30, Parex has identified several prospects and has
begun the regulatory process to allow for civil work and drilling beginning in
early 2012.
Parex has initiated a large 3-D seismic program that will cover 75 square
kilometres ("km2") on Block LLA-16, 135 km2 on Block LLA-20, and 165 km2 on
Block LLA-57. The seismic acquisition program is expected to be completed by
year-end 2011.
(1) Under Colombian government regulations, wells are named as they are
licensed, not in the drilling order; Parex sets the drilling order according to
operational optimization.
Colombia Operations Update
Current production is approximately 9,300 bopd. A summary of the Company's
current production by field and operations is provided below:
Current Production
Field/Well Formation Status Current bopd
----------------------------------------------------------------------------
Kona C7/Mirador/Gacheta Producing 8,000
Sulawesi C7 Producing 1,300
----------------------------------------------------------------------------
Total Production 9,300
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Current Operations
Field/Well(1) Formation Status
----------------------------------------------------------------------------
Kona-3 Mirador Cased, ready to test
Kona-10 Gacheta Cased, ready to test
Kona-7 Mirador Drill after Kona-10
Kona Norte Mirador Mobilizing rig from Kona-3
Kona-9 Mirador Drill after Kona Norte
Sulawesi-3 Mirador Drilling at approx. 10,500'
----------------------------------------------------------------------------
The Kona-3 well was drilled as a side-track operation to the Mirador Formation.
The Company expects the well to be on production by late September, 2011.
On September 4, 2011, the Kona-4 well began producing approximately 1,500 bopd
from the C7 Formation. As Kona-4 and Kona-8 share the same drilling pad,
immediately following the completion of the Kona-4 well, the Kona-8 Gacheta
Formation was completed and began producing on September 8, 2011 at
approximately 1,200 bopd.
On August 22, 2011, the Kona-10 well was spud and was designed to evaluate the
Gacheta Formation south-eastern field edge. The well has been cased and is
awaiting completion.
Parex reiterates its previous guidance that the 2011 light oil production exit
rate is expected to be 14,000 bopd and that the expected 2011 capital
expenditures range is US$140 million to US$160 million.
Trinidad Exploration Update
On the Central Range Block ("CRB") Shallow (50 percent working interest), the
Cribo-1 well was spud on July 22, 2011 and is drilling to a target depth of
approximately 6,000 feet using an existing onshore Trinidad rig. Parex expects
to reach the target depth by mid-September, 2011. Following the Cribo-1 well,
the final CRB Shallow earning well, Mapepire-1 is scheduled to be drilled in the
fourth quarter of 2011.
In order to accommodate Parex' ongoing deep exploration activity, the Company is
advancing discussions with a contractor to mobilize to Trinidad two modern and
more efficient drilling rigs. Parex anticipates mobilizing the two new rigs, and
subject to receiving regulatory approval, to spud its first CRB Deep well in the
fourth quarter of 2011, and drill the second CRB Shallow exploration well
Mapepire-1 followed by a Moruga Block well.
Corporate Overview
Parex, through its direct and indirect subsidiaries, is engaged in oil and
natural gas exploration, development and production in South America and the
Caribbean region. Parex is conducting exploration activities on its 705,000 acre
holdings in the Llanos Basin of Colombia and 223,500 acre holdings onshore
Trinidad. Parex is headquartered in Calgary, Canada.
This news release does not constitute an offer to sell securities, nor is it a
solicitation of an offer to buy securities, in any jurisdiction.
Advisory on Forward Looking Statements
Certain information regarding Parex set forth in this document contains
forward-looking statements that involve substantial known and unknown risks and
uncertainties. The use of any of the words "plan", "expect", "prospective",
"project", "intend", "believe", "should", "anticipate", "estimate" or other
similar words, or statements that certain events or conditions "may" or "will"
occur are intended to identify forward-looking statements. Such statements
represent Parex's internal projections, estimates or beliefs concerning, among
other things, future growth, results of operations, production, future capital
and other expenditures (including the amount, nature and sources of funding
thereof), competitive advantages, plans for and results of drilling and testing
activities, environmental matters, business prospects and opportunities. These
statements are only predictions and actual events or results may differ
materially. Although the Company's management believes that the expectations
reflected in the forward-looking statements are reasonable, it cannot guarantee
future results, levels of activity, performance or achievement since such
expectations are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies. Many factors
could cause Parex' actual results to differ materially from those expressed or
implied in any forward-looking statements made by, or on behalf of, Parex.
In particular, forward-looking statements contained in this document include,
but are not limited to, statements with respect to: the performance
characteristics of the Company's oil properties; the performance of current and
future wells; supply and demand for oil; financial and business prospects and
financial outlook; results of drilling and testing activities; results of other
operations; drilling and testing plans; activities to be undertaken in various
areas; capital plans in Colombia and exit rate production; plans to acquire and
process 3-D seismic; timing of drilling and completion; and planned capital
expenditures and the timing thereof. In addition, statements relating to
"reserves" or "resources" are by their nature forward-looking statements, as
they involve the implied assessment, based on certain estimates and assumptions
that the resources and reserves described can be profitably produced in the
future. The recovery and reserve estimates of Parex' reserves provided herein
are estimates only and there is no guarantee that the estimated reserves will be
recovered.
These forward-looking statements are subject to numerous risks and
uncertainties, including but not limited to, the impact of general economic
conditions in Canada, Colombia and Trinidad & Tobago; industry conditions
including changes in laws and regulations including adoption of new
environmental laws and regulations, and changes in how they are interpreted and
enforced, in Canada, Colombia and Trinidad & Tobago; competition; lack of
availability of qualified personnel; the results of exploration and development
drilling and related activities; obtaining required approvals of regulatory
authorities, in Canada, Colombia and Trinidad & Tobago; risks associated with
negotiating with foreign governments as well as country risk associated with
conducting international activities; volatility in market prices for oil;
fluctuations in foreign exchange or interest rates; environmental risks; changes
in income tax laws or changes in tax laws and incentive programs relating to the
oil industry; ability to access sufficient capital from internal and external
sources; the risks that any estimate of potential net oil pay is not based upon
an estimate prepared or audited by an independent reserves evaluator; that there
is no certainty that any portion of the hydrocarbon resources will be
discovered, or if discovered that it will be commercially viable to produce any
portion thereof; and other factors, many of which are beyond the control of the
Company. Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on these and other factors that could effect
Parex's operations and financial results are included in reports on file with
Canadian securities regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com).
Although the forward-looking statements contained in this document are based
upon assumptions which Management believes to be reasonable, the Company cannot
assure investors that actual results will be consistent with these
forward-looking statements. With respect to forward-looking statements contained
in this document, Parex has made assumptions regarding: current commodity prices
and royalty regimes; availability of skilled labour; timing and amount of
capital expenditures; future exchange rates; the price of oil; the impact of
increasing competition; conditions in general economic and financial markets;
availability of drilling and related equipment; effects of regulation by
governmental agencies; receipt of all required approvals for the Acquisition;
royalty rates, future operating costs, and other matters. Management has
included the above summary of assumptions and risks related to forward-looking
information provided in this document in order to provide shareholders with a
more complete perspective on Parex's current and future operations and such
information may not be appropriate for other purposes. Parex's actual results,
performance or achievement could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no assurance can
be given that any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do, what benefits Parex will derive
there from. These forward-looking statements are made as of the date of this
document and Parex disclaims any intent or obligation to update publicly any
forward-looking statements, whether as a result of new information, future
events or results or otherwise, other than as required by applicable securities
laws.
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