10:16 AM EST - Petrominerales Ltd. : provided the following exploration and operations update. Deep Llanos Basin (Corcel, Guatiquia and South Block 31), Colombia. As previously reported, the company drilled the Babaco-1 exploration well on Block 31 to a total measured depth of 14,174 feet. Well logs indicate 89 feet of potential net oil pay in the Lower Sand 1 formation where the company tested four separate intervals. In the lowermost interval, it tested no commercial amounts of hydrocarbons. The company tested the second interval using a coiled tubing nitrogen lift, which recovered seven degree API hydrocarbon but at non-commercial rates. Petrominerales Ltd.
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