Drilling operations are expected to resume and it is expected that the well will reach the planned total depth of 16,200ft within two weeks, the company said.
Preliminary correlations indicate that Canaguay #1 is approximately 76ft structurally higher than the offsetting Fortaleza #1 well, which is 3.5km north of the Canaguay #1 location.
Both wells are mapped in the same structure, according to the company’s interpretation of the Canaguaro 3D seismic volume. Fortaleza #1 was drilled by Elf – Aquitaine in 1978 and tested 462 barrels of 23 API oil per day from the Mirador Formation.
The company said that Canaguay #1 is programed to test the hydrocarbon potential of several reservoirs including the Carbonera, Mirador, Gacheta, and Une.
The company has a 25% working interest in the Canaguaro Block and is the operator.
