09:57 AM EST - Petrominerales Ltd. : provided an operational update highlighted by its Mambo-1 oil discovery on its Corcel Block. On the Deep Llanos Basin (Corcel, Guatiquia and South Block 31), Colombia. The company drilled its Mambo-1 exploration well to a total measured depth of 11,875 feet on August 23. Well logs indicate 13 feet of potential net oil pay in the Lower Sand 1 formation. The company cased the well and production tested the Lower Sand Formation with an electric submersible pump. The well produced an average of 1,890 barrels of 23-degree API oil over a 59-hour test period averaging a 36% water cut, with an ESP setting of 40 hertz and a 54/64-inch choke setting. After six days, the fluid levels in the well have stabilized and the well is currently producing 839 barrels of oil per day at a 73% water cut. Petrominerales Ltd.
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