Petroamerica Oil Corp. reported the results of its Las Maracas-3 well drilled on the Los Ocarros block in the Llanos Basin of Colombia. The well has successfully appraised the Las Maracas Mirador formation oil discovery and additionally, produced light oil from a new deeper reservoir, the Gacheta formation, at rates of 1,491 barrels of oil per day (b/d).

Based on a petrophysical evaluation of the wireline logs, the well encountered a total net oil pay of 59 ft (18 m). Of this total amount, 30 ft (9 m) are in the Mirador formation and 29 ft (9 m) in the deeper Gacheta formation. In the Mirador formation, the well encountered similar reservoir properties and oil saturations to those found in the Las Maracas-2 sidetrack discovery well. The deeper Gacheta reservoir has excellent petrophysical characteristics with the logs indicating an average porosity of 24% and an average oil saturation of 72% over the net pay interval.
Additionally, as a possible upside, potential thin-bed pay is identified in the Une, Gacheta and Carbonera C7 formations and good oil and gas shows were encountered drilling through the Une reservoir. This upside potential will be evaluated in future wells.

Testing was carried out with the drilling rig and focused on realizing production from the new Gacheta reservoir. The flow test was conducted over an 18-hour period using two different choke-sizes of 32/64-in and 28/64-in. The Gacheta interval produced light oil under natural flow from a 14-ft (4-m) perforated interval, at a stabilized rate at the end of the test of 1,491 b/d with a 1.0% water-cut. The average oil rate over the 13-hour flow period following fluid unloading was 1,434 b/d, with short-term peaks reaching up to 1,723 b/d.

Based on these test results, the decision was taken to run an electro-submersible pump and complete this well as a producer. It is planned to produce this Gacheta interval at rates up to 2,000 b/d through the Las Maracas long-term test facility during the first week of August 2012. The Mirador interval will be produced separately at a later date using the same well bore.

Petroamerica holds a 50% participating interest in the Los Ocarros block. The operator of the block, Cepcolsa, has transferred its 50% participating interest to Parex Resources Colombia Ltd. Sucursal, which is still pending approval by the ANH (Colombian National Hydrocarbon Agency).