Parex announces three new Colombian oil discoveries

Parex Resources said last week that it has made new Colombian oil discoveries on blocks LLA-26 and LLA-34, and has increased oil-production guidance for 2015.

The three discoveries:

--Rumba/Bazar: Parex tested the Mirador and Une formations  from the Bazar-2 exploration well in late July on a separate structural closure along the same fault trend as the recent Rumba discovery. The bottom hole coordinates of the well are approximately 1.36 miles northeast of the Rumba-1 discovery well and 0.68 miles northeast of the Rumba-2 appraisal well. Bazar-2 reached the Mirador Formation target depth on August 23 and encountered potential oil-bearing zones with electric log characteristics and hydrocarbons suggesting oil pay. The Bazar-2 well appears to share the same oil/water contact in the Mirador Formation as the Rumba discovery, suggesting the Mirador pool is continuous along the fault from Rumba-1 to Bazar-2. The well is currently drilling ahead to final target depth to test the deeper potential in the Une Formation. The well is expected to be tested later in September.

--Chachalaca: The Chachalaca-1 well was the first well to be drilled on an untested fault trend located northwest of the Tigana fault trend and was drilled to a depth of 12,270 feet. The well encountered three potential oil zones in the Mirador Formation.

--Jacana: The Jacana-1 well was drilled to a depth of 10,900 feet along the same fault trend as the Tigana field, approximately 3.72 miles southwest of the southernmost Tigana well.