Petroenergy, JV partner to drill 2 new oil wells in Gabon

ABS-CBN News

Posted at Aug 04 2010 05:55 PM | Updated as of Aug 05 2010 01:55 AM

MANILA, Philippines - Petroenergy Resources Corp. and its oil exploration partner, Houston-based Vaalco Energy, will drill 2 new oil wells at their Etame Marin prospect in offshore Gabon in west Central Africa.

In a disclosure to the Philippine Stock Exchange on Wednesday, Petroenergy said the drilling of the first exploratory well where oil was struck - Etsem-1 was completed.

Estsem-1 well was drilled to a total depth of 2,757 meters, logging "oil full to base."

"Further analyses are on-going to estimate the size of the discovery and to assess potential development strategies," said Petroenergy head of corporate and legal affairs, Arlan Profeta.

The drill rig "Sapphire Driller' will drill a new horizontal well, Etame 7H, which will be completed in the fourth quarter.

Aside from Etame 7H well, one development well in the South Tchibala field, and another exploratory well will be drilled this year to test both the Gamba and Dentale reservoirs in the Omanguo prospect.

The Gamba sandstone section in Etsem-1 well, is the same reservoir that produces in the consortium's Avouma/South Tchibala, Ebouri, and Etame oil fields.

Petroenergy shares shed nearly 2% on Wednesday at P5 a piece.