SUN ANNOUNCES SECOND OIL DISCOVERY IN COLOMBIA
SUN ANNOUNCES SECOND OIL DISCOVERY IN COLOMBIA PHILADELPHIA, Feb. 11 /PRNewswire/ -- Sun Company, Inc.
(NYSE: SUN) today announced a second significant oil discovery in the Espinal Block in Colombia's Upper Magdalena Basin.
Sun is a one-third partner in the block through its subsidiary Sun Colombia Oil Company. LASMO Oil (Colombia) Limited is operator with two-thirds interest. The new discovery well, Venganza-1, tested 28 degree API oil from two intervals in the productive zone at stabilized rates of 2,800 and 3,000 barrels per day respectively. It was drilled to a total depth of 6,790 feet on a structure believed to be significantly larger than the previous discovery at Purificacion, which was announced last November and tested from two separate zones at a combined rate of over 2,500 barrels per day of 32 degree API oil. Venganza is located seven kilometers east of Purificacion and just 20 kilometers from a pipeline system. Ray Harlow, president and managing director of Sun International Exploration and Production Company, headquartered in London, said that the Venganza well confirms a significant new productive fairway in the Upper Magdalena Basin. He said appraisal and development drilling will begin later in the year. Harlow said that Ecopetrol, the national oil company of Colombia, has the right to back into a commercial development at a 50 percent equity. Sun Company is an energy company with domestic petroleum refining and marketing operations, a fully integrated Canadian oil subsidiary, and domestic coal and coke production in addition to its international exploration and production operations. Sun carries out branded marketing in the United States and Canada under the Sunoco brand and also under the Atlantic brand in the United States. /delval/ -0- 2/11/92 /CONTACT: In the United States: Bud Davis (media), 215-977-3485, or Tim Hughes (investors), 215-977-6544, both of Sun Company; In London: Ray Harlow, president and managing director, Sun International Exploration and Production Company, 071-603-2090/ (SUN) CO: Sun Company Incorporated; Sun International Exploration and Production Company ST: Pennsylvania IN: OIL SU:
JS -- PH002 -- 8638 02/11/92 08:02 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Feb 11, 1992|
|Previous Article:||COSTCO WHOLESALE CORP. ANNOUNCES THREE-FOR-TWO STOCK SPLIT|
|Next Article:||DEADLINE FOR COMMERCIAL LICENSE APPROACHING FOR 50,000 DRIVERS|