PetroMagdalena suspends Santa Cruz-1X exploratory well and provides information on blockade of roads in Colombia

abarrelfullabarrelfull wrote on 25 Apr 2012 05:29
Tags: colombia petromagdalena s-america upstream

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Santa Cruz-1X Well Suspended

TORONTO, April 24, 2012 /CNW/ - PetroMagdalena Energy Corp. (TSXV: PMD) has finished drilling and testing of the Santa Cruz-1X well located in the Santa Cruz Block in the Catatumbo Basin. Based on the results of the testing program, the well has been suspended to allow for further geological studies and a final conclusion on the prospectivity of the area. PetroMagdalena has a 70% working interest in the Santa Cruz Block, the Santa Cruz-1X well is the first exploration well on the block.

The testing program consisted of three tests in the Barco, the first with water and traces of oil, the second two wet, one in the Cuervos with no inflow and two tests in the Mirador, both tests resulting in a natural flow of water.

Blockade Affects Cubiro

On the morning of April 19, 2012, small groups of people began illegally blocking roads on the Cubiro Block, in the municipalities of Trinidad and San Luis de Palenque, which has led to a lack of public order in the area. These persons are not employees or contractors of PetroMagdalena or associated in any way with the company. The blockades and the actions of those involved have resulted in a lack of public order which impacts PetroMagdalena's operations in the area.

As a result of these measures, a temporary production halt has been initiated on certain wells located in the Cubiro Block. Management estimates that approximately 3,700 barrels of oil per day are currently shut-in. PetroMagdalena has evacuated all non-essential operational personnel from the Cubiro Block to ensure their safety. The Company's priority is to maintain the well-being of our personnel and contractors and to limit any potential damages and we will continue to take all necessary measures to do so.

PetroMagdalena's social responsibility practices and policies include a full time Social Manager and permanent social representatives in the area of operations. PetroMagdalena is committed to open and honest dialogue with stakeholders and members of their local communities. The Company will continue to work with the National Government authorities for restoring law and order in the area and will provide all necessary support requested.

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