Petrodorado Energy (V.PDQ) commences drilling at Verdal-2X well in Talora Block – up 11%

Gaalen Engen Gaalen Engen, Stockhouse.com
0 Comments| November 19, 2013


Petrodorado Energy (TSX-V:PDQ, StockForum), a oil & natural gas exploration company engaged in Columbian properties, began drilling operations at their exploration well, Verdal-2X at Talora Block in Columbia's Upper Magdelena Basin.

 

According to the company news release, “The Verdal-2X exploration well was spudded on November 17, 2013 and is targeting the sands within the Hondita Formation, which lies above the Tetuan Formation source rock.”

 

It added, “The well is expected to reach 5,000 feet True Vertical Depth (TVD) on November 28, 2013, which will satisfy the only current commitment on the block.”

 

The release also noted that Petrodorado currently possesses a 65% operated working interest in Talora.

 

Petrodorado made headlines recently when the company announced management changes to their Columbian arm.

 

Shares rose 11.11% on the news to $0.05 per share.

 

Presently there are 482,547,066 outstanding shares with a market cap of $24.13 million.


Tags: OIL & GAS E&P PRICE ACTION SHARE OIL & GAS

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