HOUSTON - Friday, September 14th 2012 [ME NewsWire]
(BUSINESS WIRE)-- Vanco Brasil Exploração e Produção de Petróleo e Gas Natural Ltda, a wholly owned subsidiary of PanAtlantic Energy Group, has announced that the Sabia-1X exploration well drilled on block BM-S-72 has successfully reached a total depth of 4200 meters. Wire line logs, reservoir pressures and fluid samples confirm that the well penetrated multiple hydrocarbon bearing zones of interest. Further analysis will be conducted over the next several months to properly assess the potential for commerciality. The well will be abandoned in accordance with ANP requirements.
Sabia-1X was drilled in a water depth of 195 meters, using the GSF Arctic I, a moored semi-submersible drilling unit. The rig will move to the Canario prospect in BM-S-63 early next week.
PanAtlantic, through its Brazilian subsidiary Vanco Brasil Exploração e Produção de Petróleo e Gas Natural Ltda (“Vanco Brasil E&P”), currently holds a 70% working interest in the three concessions BM-S-72, BM-S-63 and BM-S-71, together with Panoro Energy do Brasil Ltda. 15% and Brasoil Round 9 Exploracáo Petrolifera Ltda 15%. As previously announced in July, Vanco Brasil E&P and Ecopetrol Óleo e Gás do Brasil Ltda, a wholly owned subsidiary of Ecopetrol S.A., signed an agreement in which Ecopetrol Oleo e Gas do Brasil Ltda will acquire from Vanco Brasil E&P a 30% interest in the three concessions, subject to approval from the National Petroleum Agency (“ANP”).
As announced in May 2012, PanAtlantic Energy Group has succeeded and replaced Vanco Overseas Energy Group, with the name change to reflect its major asset base and areas of focus along the Latin American and African margins of the Atlantic Ocean. PanAtlantic holds deepwater exploration assets in Brazil, West Africa and the Black Sea.
Contacts
PanAtlantic Energy Group
Vanco Brasil Exploração e Produção de Petróleo e Gas Natural Ltda. Fernando Borensztein,
Country Manager
+55 (21) 3266-1350
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