The Santa Lucia Sur-1 exploration well was drilled to a total depth of 8500ft at a total cost to PetroLatina of approximately $1.85m. Hydrocarbon shows and a well developed sand channel were encountered while drilling through the La Paz formation, but evaluation showed the channel water filled.
The remaining prospectivity in the block is being evaluated for future exploration. The company has a 50% interest in the well with PetroSantander holding the remaining share.
Juan Rodriguez, CEO of PetroLatina, said: “While we were encouraged to encounter a thick sand channel necessary for the play, we are disappointed to find the channel water filled. We now look forward to the remaining exploration and development wells to be drilled in 2010.”
