Brownstone Energy Spuds Flami #1 Well, Llanos Basin, Colombia

abarrelfullabarrelfull wrote on 24 Apr 2012 05:25
Tags: brownstone colombia s-america upstream

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Brownstone Energy Inc. (TSXV: BWN; OTCQX: BWSOF) (“Brownstone”) is pleased to announce that NCT Energy Group C.A. Colombia, as official Operator of the Llanos 27 Block in the Llanos Basin of Colombia, have commenced drilling the Flami #1 well.

The well is being drilled with the Saxon 132 1,500 horsepower rig and has a planned total depth of 10,000 feet and drilling is expected to take approximately 35 days. The well is programmed to test the hydrocarbon potential of the Mirador and Une formations with secondary targets being the Carbonera and Gacheta formations. The gross budget for drilling the well is US$10 million with a testing budget of US$4 million. Brownstone is paying 50% of the gross amount to earn a private participating interest of 45.275% before payout and 34.25% after payout.

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