SUN REPORTS NEW OIL FIELD DISCOVERY IN COLOMBIA
SUN REPORTS NEW OIL FIELD DISCOVERY IN COLOMBIA LONDON, Nov. 18 /PRNewswire/ -- Discovery of a new oil field in
Colombia was reported today by Sun International Exploration and Production Company, joint venture partner with LASMO in the LASMO-operated Espinal block in Colombia'a Upper Magdalena Valley.
The discovery well, Purificacion-1ST, tested two separate zones at a combined rate of over 2,500 barrels per day of 32 degree API sweet crude oil. Joe Darby, managing director for LASMO's Western Region, said: "This discovery is particularly exciting as it represents one of the most important finds in the Guadalupe Formation of the Upper Magdalena basin in almost two decades. This discovery extends a proven and highly productive play into new areas of the basin." V. Ray Harlow, managing director of Sun International Exploration and Production, said that additional similar structures on the Espinal block are scheduled to be drilled in 1992 and that another wildcat well to test a larger structure on the block will proceed before appraisal and development drilling begins in Purificacion. He said the well is located just 15 kilometers from a pipeline system and that first oil could be produced early in 1993, subject to government approval. He said that Sun will continue to actively explore in Colombia, where the company has had a presence for many years. Partners in the block are LASMO Oil (Colombia) Limited, operator (66.67 percent), and Sun Colombia Oil Company (33.33 percent), a subsidiary of Sun Company, Inc. Sun Company (NYSE: SUN) 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 U.S. /delval/ -0- 11/18/91 /CONTACT: Bud Davis (media) 215-977-3485 or Tim Hughes (investors) 215-293-6543, both of Sun Co./ (SUN) CO: Sun International Exploration and Production Company; Sun Company Incorporated ST: Pennsylvania IN: OIL SU: SF -- PH011 -- 1272 11/18/91 09:26 EST
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|Date:||Nov 18, 1991|
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