LONDON (ShareCast) - (Sharecast News) - PetroTal announced on Wednesday that the BN 95-2-2-2XD oil development well, which began drilling operations on 26 February, has reach total depth.
The AIM-traded firm said the well was being completed as a producer in the Vivian formation in the northern portion of the Bretaña structure.

It was the second oil well in the first phase of development of the Bretaña oilfield.

The company said the well was directionally drilled to about 3,040 meters total depth, with initial logs indicating a total gross oil column of 24 meters with estimated net oil pay of 18.7 meters, in line with PetroTal's expectations.

It said the indicated oil water contact in the well was in direct correlation to the other four wells previously drilled in the field.

Once completed, the well would be placed online, expected in approximately one week.

The company said it would provide details on flow rates with the fourth quarter and year-end earnings release, scheduled for the week of 22 April.

PetroTal said the discovery well, which came online in mid-2018, was producing in line with management's expectations at an average of between 950 and 1,000 barrels per day, and had accumulated more than 260,000 barrels of oil produced to date.

"We are pleased that the operations team was able to drill this well on time and on budget," said PetroTal president and chief executive officer Manolo Zuniga.

"This is a testament to the entire team from drillers, to contractors, to our corporate social responsibility team who worked tirelessly to ensure safe and efficient operations."

Zuniga said the well logs provided an early indication that the reservoir was as expected, with good oil shows in the mud logs and good indications from the full suite of logs obtained.

"We expect this well to be online within the week and then we will proceed with drilling the BN-95-3H development oil well."

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