The Apoteri K-2 exploratory oil well being drilled in the Rupununi had surpassed two-thirds of its projected depth.
In an update yesterday, Groundstar Resources said that as of last Friday morning, the K-2 well was drilling ahead at a depth of 2245 meters (7366 feet) measured depth within the Jurassic Pirara formation. It said that intermediate casing is planned to be set at approximately 2735 meters (8970 feet) measured depth prior to drilling through the primary reservoir targets in the Manari and Apoteri formations.
The K-2 well will be drilled to a measured depth of approximately 3350 meters (11 000 feet) and will target the same productive reservoirs that tested over 400 barrels of oil per day of 42 degree API (American Petroleum Institute) light oil from the Karanambo 1 well drilled in 1982 and located 600 meters to the east.
Gaffney Cline and Associates attributed gross mean recoverable prospective resources of 128 million barrels of oil to the discovery in the December 2009 report compiled for the Corporation.
The company noted that drilling had been interrupted in early January 2011 due to the late arrival of some of the permanent camp facilities provided by Tuscany International Drilling Inc., which arrived on location in late January. The drilling operation since then has progressed according to plan, it said.
Groundstar has a 10% working interest in the contract and is the operator of the Petroleum Prospecting License with Canacol Energy Ltd. holding the remaining 90%. Sagres Energy Inc. is eligible to earn a 25% working interest in the PPL from Canacol by paying for 30% of the cost to drill the K-2 exploration well. Groundstar’s interest is carried to commercial production.
Drilling had started on December 31 last year.
Plans for a second exploration well on the block by May 2011 are underway, with the choice of prospect (either the Rewa or the Pirara River) dependent on drilling results from Apoteri K-2., the company has said. The second well will be operated by Canacol Energy; Groundstar will be carried for a 10% net interest.
Groundstar Resources Limited is a Calgary-based junior oil and gas company actively pursuing international exploration and production opportunities. The company currently has interests in several prospective oil and gas properties in the Middle East (Iraq), North Africa (Egypt), and South America (Guyana).
