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Oil rig due in Guyana within three months

Apr 22, 2010 News

An oil rig is expected in Guyana within two and half months to drill for oil in Karanambo, Takutu, Region Nine.
Canacol Energy Ltd. yesterday announced that it has executed a contract with Tuscany South America Limited for a 1,500 horsepower rig for drilling its K-2 exploration well in Guyana. Tuscany has already commenced mobilization of the drilling rig from Oklahoma, USA, to Guyana. It is anticipated that the rig will arrive on location within 60 to 75 days, and that drilling will commence shortly after.
Canacol has a 90 per cent working interest in the Takutu PPL, which contains the Karanambo discovery drilled by Home Oil in 1982.
The Corporation plans to drill the K-2 well to a planned total depth of approximately 11,000 feet. The bottom hole location for the K-2 well will be approximately 400 meters northwest of the Karanambo discovery well, and will target the same productive reservoirs that tested over 400 barrels of oil per day of 420 API light oil in 1982.
Gaffney Cline and Associates has attributed gross mean recoverable prospective resources of 128 million barrels of oil to the discovery in the December 2009 report compiled for the Corporation.
The joint venture to date has already completed the construction of the drilling pad, access roads, and staging areas in preparation of drilling, has purchased and mobilized tubular and wellheads sufficient for three wells which are now in country and on location.
The well is anticipated to take 50 days to drill and test, and if successful will be put on a long term production test to establish the deliverability and performance of the reservoirs.
Canacol’s partners include Sagres Energy Inc., who are eligible to earn a 25 per cent working interest in the PPL by paying for 30 per cent of the cost to drill the K-2 exploration well, and Ground Star Resources Corp. which hold a 10 per cent working interest in the PPL.

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