PetroMagdalena discovered a new light-oil field with the Copa A Sur-1 exploration well in the Cubiro Block in the Llanos Basin in Colombia.

The well was spudded on Sept. 16 and directionally drilled to a total depth of 7,572 feet measured depth (MD). The top of the C7, C5 and C3 Carbonera sections were encountered at depths of 6,241 feet MD, 5,796 feet MD and 5,523 feet MD, respectively.

Well logs indicated a total of 57 feet of net oil sand. Porosities ranged from 25% to 32%., located at short distances to the north and south of the Copa AS-1 well. A workover rig is currently at the location and the testing and completion program has begun, the results of which will be provided upon conclusion.

Based on 3D seismic, the accumulation discovered by Copa A Sur-1 is a 1.4-km long structure with an estimated closure of 216 acres. It is bounded to the east by a normal fault, the common exploration play in the Llanos Basin. The Copa AS structure is located 2.7 km to the south of the company's Copa Field and immediately north of the recent discovery of Copa B.

"We have a third successful well as part of our Cubiro 2011 drilling campaign and the third consecutive discovery based on the analogy with the Copa and Copa B fields. This well will add to our production growth for the balance of the year and into 2012, and it increases the chances of additional discoveries on the Copa trend in the Cubiro block," said Luciano Biondi, chief executive officer, PetroMagdalena.

The company holds a 57% working interest in the block.