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Pan Andean to spud High Island 68 well
(4/27/2004 - OGI: Houston) Pan Andean Resources advised today that it will
spud its High Island Block 68 shallow water US Gulf of Mexico exploration
well in mid-May. Pan Andean said the well is scheduled to reach a total
depth of about 4,000 ft within 15 days after drilling begins.
Pan Andean's High Island well is targeting a prospective reservoir thought
to contain 3-10 bcf of natural gas. The company anticipates the well cost to
be approximately US$1.8 million. It holds a 50% interest in the block.
The company also advised that completion work continues on its 21%-owned
Vrazel well in the Danbury Dome area onshore Texas, where efforts are being
made to bring into production the payzones at the bottom of the 9,000-ft
well. A flow rate of 1 million cf/d has been obtained, the company said it
is uncertain as to whether it can be maintained. The alternative of moving
to payzones two and three further up the hole will be decided on within
days. These zones appear positive on the electric logs and are expected to
be commercial producers.
John Teeling, chairman of Pan Andean, said, "High US gas prices make
exploration attractive. In the coming weeks and months, we are drilling a
number of wells to exploit our US properties. The High Island 68 well is low
risk. We know the geology, and we have the infrastructure in place. The
target is 3 bcf of gas, but it could be greater. The Vrazel well is a hit,
but we do not yet know how good. The payzone at 9,000 ft is attractive but
it is proving very difficult to get a consistent gasflow. The next two
payzones are good and are not expected to pose any problems. It takes three
days to connect to local pipelines so we should be in regular production
within three weeks."
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High Island 68 platform. |
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