Printer Friendly

HONDO OIL & GAS CO. ANNOUNCES AT ITS ANNUAL MEETING THE COMPLETION OF TESTING

 HONDO OIL & GAS CO. ANNOUNCES AT ITS ANNUAL MEETING
 THE COMPLETION OF TESTING
 LOS ANGELES, Feb. 27 /PRNewswire/ -- At the Hondo Oil & Gas Co. (AMEX: HOG) annual meeting held in Los Angeles today, Chairman Robert O. Anderson said that the company is very encouraged by the results achieved by its subsidiary, Hondo Magdalena Oil & Gas Ltd., in the Opon Association Contract area of the Middle Magdalena Basin in Colombia. Testing has been completed on the three shallow Mugrosa formation wells drilled during late 1991.
 The first Mugrosa well, Lilia No. 5, was drilled to a total depth of 1,122 feet. Four intervals were individually tested with an aggregate flow rate of 67 barrels of 39.7 to 40.3 degree API oil per day. No water was produced and no gas measurements were recorded.
 The second well in the program, Lilia No. 6, was drilled to a total depth of 1,439 feet. A single interval was tested separately over a three-day period with an average production rate of 36 barrels of 36.2 degree API oil per day. Seven other intervals were perforated and flow-tested through a separator at 82 barrels of 39 degree API oil per day. Total production from all zones was 118 barrels of oil per day with a measured gas oil ratio of 296 cubic feet per barrel. No water was produced during the tests.
 The third well, Lilia No. 7, was drilled to a total depth of 1,660 feet. Four separate intervals were perforated and flow- and swab- tested an average of 32 barrels of 36.5 degree API oil per day. No gas measurements were recorded, and no water was produced. An extremely shallow fifth zone, which, based on logs, cuttings analysis, and response while drilling, could be the most productive zone in the well, was not perforated because of technical complications. At some future date, a twin well to Lilia No. 7 will be drilled to separately test this zone.
 Hondo Magdalena is currently conducting a 53 kilometer seismic program designed to define the southern extent of the deep La Paz reservoir and to identify other potential deep drilling targets. More than 39 kilometers of good quality multifold data has been acquired to date, and field processing indicates that the trap in the La Paz structure, which becomes progressively shallow to the south, appears to be competent and at a depth of 5,000 feet on the south side of the field. Structuring is also indicated in the Cretaceous at a depth of 8,000 feet. At the conclusion of the seismic field program, Hondo Magdalena will become operator.
 A fourth Mugrosa well, Lilia No. 9, could be commenced as early as April 15. Extended pump tests will be performed at Lilia Nos. 5, 6 and 7 after the drilling and testing of the Lilia No. 9.
 Anderson added that the government of Colombia has recently adopted a market-oriented natural gas policy that could result in the early development of the deeper La Paz gas formation. The government is embarking on the creation of a major gas transmission system serving the industrial cities of Bogota, Barrancabermeija and Medellin, Colombia. The central location of the Opon Association Contract area would allow future La Paz wells to supply a major portion of the gas to the proposed gas transmission system, which gives impetus to the company's exploration efforts in the area. A well to test the deep La Paz formation, which is the primary target at Opon, may be drilled as early as August 1992. Hondo Magdalena holds options to increase its interest in the association contract to 78.5 percent.
 -0- 2/27/92
 /CONTACT: William W. Daily, VP of Hondo Oil & Gas, 818-591-3642; or Tom Reed of Braun Ketchum, 213-385-3481 or (home) 213-460-4631, for Hondo Oil & Gas/
 (HOG) CO: Hondo Oil & Gas Co.; Hondo Magdalena Oil & Gas Ltd. ST: California IN: OIL SU:


AL-JL -- LA016 -- 3105 02/27/92 09:07 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 27, 1992
Words:662
Previous Article:PACIFIC SCIENTIFIC ANNOUNCES DIVIDEND
Next Article:CARL'S JR. CELEBRATES OPENING OF FLAGSHIP RESTAURANT IN MONTERREY, MEXICO, AND LICENSE SIGNING FOR BAJA CALIFORNIA
Topics:


Related Articles
HONDO TO DRILL LA PAZ WELL IN COLOMBIA'S MIDDLE MAGDALENA BASIN
HONDO REPORTS PROGRESS OF WELL IN COLOMBIA
HONDO OIL & GAS RESPONDS TO BROADCAST REPORT
HONDO SPUDS OPON NO. 3 WELL
AMOCO MAKES POTENTIALLY SIGNIFICANT DISCOVERY IN COLOMBIA
HONDO OIL & GAS PARTICIPATES IN POTENTIALLY SIGNIFICANT DISCOVERY IN COLOMBIA
AMOCO MAKES POTENTIALLY SIGNIFICANT DISCOVERY IN COLOMBIA
HONDO OIL & GAS PARTICIPATES IN POTENTIALLY SIGNIFICANT DISCOVERY IN COLOMBIA
HONDO OIL AND GAS COMPANY ANNOUNCES START OF WELL IN COLOMBIA
AMOCO, HONDO AND OPON DEVELOPMENT CONFIRM SIGNIFICANT GAS FIELD IN COLOMBIA

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters