Canadian oil and gas company PentaNova Energy Corp. (TSXV: PNO) has commenced drilling its first gas well in the Maria Conchita block in Colombia.
Called Istanbul-1, the Canadian firm’s well was spud on February 27 and is targeting the Jimol formation at a true vertical depth (TVD) of around 8,000 feet. Reaching the full depth is expected to take up to 25 days.
PentaNova Energy has an 80% “beneficial working interest” in the Maria Conchita block, according to the company. Other notable wells nearby include Aruchara-1, drilled by Texaco in 1980, and Tinka-1, which was drilled by Ecopetrol in 1988.
“Colombia’s most significant source of natural gas production, the 6 TCF Chuchupa field, is located approximately 50 kilometers northwest of the company’s newly spudded well,” stated PentaNova Energy in a statement.
“The Chuchupa field, discovered in 1973, a strategic energy asset for Colombia, currently produces approximately 30% of the country’s daily output,” added PentaNova Energy, “although gas production has been in decline since 2002 creating a supply problem in the face of rising gas demand.”
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