MAXUS ENERGY MAKES DISCOVERY IN BOLIVIA
MAXUS ENERGY MAKES DISCOVERY IN BOLIVIA DALLAS, Feb. 26 /PRNewswire/ -- Maxus Energy Corporation (NYSE: MXS)
today announced a discovery well in the Mamore Block of Bolivia. The Surubi No. 1 well had 115 feet of net pay in the Cajones formation and tested from two zones (66 feet net pay) at a combined rate of approximately 9 million cubic feet of gas per day (mmcfpd) and 800 barrels of condensate per day (bpd). Additional zones, with a total of 49 feet of net pay, were not tested.
Surubi No. 1 is located about 155 miles northwest of Santa Cruz and about 19 miles from the nearest pipeline. The well was drilled to a total depth of 14,081 feet. The first of the two largest zones tested at 5.44 mmcfpd and 520 bpd condensate at perforations between 11,103 and 11,133 feet. This interval tested using a 24/64-inch choke and a flowing tubing pressure of 1,550 pounds per square inch. The second zone tested at 3.22 mmcfpd and 269 bpd condensate at perforations between 11,017 and 11,067 feet. The second interval was tested using a 20/64-inch choke and a flowing tubing pressure of 1,200 pounds per square inch. The condensate in both tests was 50 degrees API gravity. Plans to drill a delineation well have already begun. The second well will spud in early March and will be drilled diagonally from the initial well site. "Once we have completed the second well, we will have a good idea of the size of this particular structure," said George Pasley, senior vice president of international. "We could have initial production from this field as soon as early 1993." Maxus is operator and holds 100 percent working interest in the block. Under terms of the contract, Maxus will receive 55 percent of the production during the first three years, while YPFB, the state oil company, will receive the remaining 45 percent. After the initial three-year period, Maxus and YPFB split the production 50-50. Dallas-based Maxus is one of the largest independent oil and gas exploration and production companies. It currently is active in 15 different countries, including the United States. -0- 2/26/92 /CONTACT: Linda Covington, 214-953-2844 or Doug Graham, 214-953-2819, both of Maxus Energy Corporation/ (MXS) CO: Maxus Energy Corporation ST: Texas IN: OIL SU: DSC SM -- NY089 -- 3012 02/26/92 17:26 EST
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|Date:||Feb 26, 1992|
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