Harken Energy Corporation Announces Positive Results from Canacabare #1 Well

Strategic Insights -

Harken Energy Corporation has completed the formation evaluation of the Canacabare #1 well, which has shown promising results. The well was drilled vertically to a total depth of 8,410 feet in the Paleozoic formation and has indicated good porosity at 20-24% and above-average oil saturation at 40%. These results are comparable to similar wells in the same formations in the area. The company plans to initiate a production test on the well, pending the completion of a production casing and the arrival of a completion rig.

Key Takeaways:

  • The Canacabare #1 well has been evaluated with a series of resistivity and porosity logs, indicating good porosity at 20-24% and above-average oil saturation at 40%.
  • The well was drilled vertically to a total depth of 8,410 feet in the Paleozoic formation.
  • The company plans to run 7" production casing to the total depth of the well and initiate a production test on the Mirador, Gacheta, and Ubaque formations.
  • The impending rainy season in the Llanos area of Colombia may delay the production test.
  • The Canacabare #1 well is the fourth well to be drilled by Harken on prospects in the 210,000-acre Alcaravan Association Contract Area in the Llanos Basin of Colombia.
  • Additional undrilled prospects are being evaluated by Harken using existing 2-D seismic.
  • The company's Chairman, Mikel D. Faulkner, stated that the positive log results are "very exciting" and offer another likely new discovery for the Alcaravan Contract Area.

Statistics:

  • 20-24% porosity in the Canacabare #1 well.
  • 40% oil saturation in the Canacabare #1 well.
  • 8,410 feet total depth of the well.
  • 210,000 acres of the Alcaravan Association Contract Area.
  • 20-50 million barrels of oil recoverable in fields in the region.

Sources:

  • PRNewswire, April 6, 1998 - Harken Energy Corporation Announces Positive Results from Canacabare #1 Well
  • SEC filings, including the Annual Report on Form 10-K for the year ended December 31, 1997.