PetroNova Inc. (TSX:V. PNA, Stock Forum) said it made an oil discovery at its Pendare 1 exploratory well located on the CPO-13 Block in Colombia's Llanos Basin.
The Pendare 1 well is the sixth of a nine exploratory well drilling campaign on the CPO-06, CPO-07 and CPO-13 Blocks, operated by Tecpetrol Colombia, in which PetroNova currently holds a 20% working interest.
According to the press release, the Pendare 1 well reached a total depth of 3,265 feet on June 26 without incident.
The well was tested with a hydraulic pump for a 78-hour period in a 12-foot interval. At the end of the period, the well produced an average of 166 barrels of fluid per day with an average of 15% basic sediment and water.
The API gravity of the produced oil was field measured at 14.4 degrees. At the end of the test, the well accumulated a total of 366 barrels of oil.
The Pendare 1 well will be completed in the top of the basal Carbonera sand unit and an extended production test will be performed after all required permits are obtained.
PetroNova will continue its exploratory drilling campaign in three months when weather conditions allow cost efficient access to new locations and all required permits have been received.
PetroNova is engaged in the exploration and development of oil and natural gas resources in Colombia.
On Wednesday, PetroNova was trading at $0.45 a share. The company has a market cap of $74.4 million, based on 164 million shares outstanding. The 52-week high and low was $1.20 and $0.35 respectively.