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PentaNova Energy Begins Drilling Gas Well in Maria Conchita Block in Colombia

Posted On March 2, 2018
By : Jared Wade
Comment: Off
Tag: Aruchara-1, canada, Chuchupa, Drilling, Exploration, extraction, gas, Istanbul-1, Jimol, Natural Resources, PentaNova Energy, texaco, Tinka-1, TSXV: PNO, vancouver

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.”

(Photo credit: vaazdev / Pixabay)

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About the Author
Jared Wade is editor in chief of Finance Colombia. He is a Bogotá-based journalist with 15 years of experience covering topics including business, financial services, Latin America, and sports. Email him at jared.wade(at) financecolombia.com or follow him on Twitter at @Jared_Wade.
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