Petro Vista sees strong oil flows from Morichito field in Colombia

Source: Petro Vista

Canadian independent Petro Vista Energy Corp. (TSX:PTV) has commenced testing the Morichito M5 discovery on the Morichito Block onshore Colombia. 

The M-5 well was re-entered and now has flow rates of up to 700 barrels of 22.5 degrees API crude oil per day utilizing a hydraulic jet pump from perforations in the lower Carbonera C7 zone at 5900-5902 feet. The well is currently being shut-in for pressure buildup, which will determine long term optimal production rate. 

Originally drilled in March 2010, the M-5 previously tested two zones in the Carbonera C7 Formation and identified a third potential pay zone in the Carbonera C1 from logs and sidewall cores. 

The third zone, a Carbonera C1 sand, exhibited good porosity and oil shows in sidewall cores but was not tested and will be evaluated at a later date. 

Currently installed early production infrastructure has storage capacity of 2,000 barrels of crude. The infrastructure and includes four test tanks and two frac tanks with a total capacity of 3,000 barrels primary three-phase crude separation and emergency flare systems. Once the test and the pressure build up have been completed, the Company expects to commence operations intended to establish long-term production including upgrading the access road, which is expected to be completed before year-end. 

Additionally, Petro Vista has drilled a second well (M5B) on the Morichito structure, which had good oil shows and indications of petrophysical pay in several zones including the Carbonera C7 zone productive downdip. Due to a failed cement job, the well was not able to be properly tested. Discussions are under way with the cementing contractor to either redrill or sidetrack this well at the contractor's cost. Testing of these prospective zones will be commenced once this has been completed. 

The Company currently holds a 50% participating interest in the Morichito discovery



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