Petrodorado Energy Ltd. Provides Operational Update on the CPO-5 and Talora Block in Colombia
of Colombia. The exploratory well Dorados-1X was spudded on July 31, 2012, reaching a total depth of 7,282 ft-MD and testing conventional Upper and Lower Dorados sands in the Cretaceous sandstone. The main objectives were to reach the Cretaceous Caballos and Tetuan formations but these objectives were not present at well location. However, an exceptionally thick Cretaceous-Cenomanian sand of 1,850 ft gross was found that was not previously identified or reported in this basin. Despite encountering what appeared to be a thick and well-defined gas & oil column with a possible basal water contact while drilling, the well testing results provided little information due to what appears to be significant formation damage. The post-drill well testing program proved the sand section to be a low pressure reservoir system with significant formation damage and evidence that the oil has been emulsified. Petrodorado is currently performing geochemical analysis to determine reservoir potential. After evaluation of results, future plans will be decided that possibly will include a new undamaged borehole (sidetrack hole or twin well) design to overcome the sensitivity of this reservoir to formation damage due to low-pressure conditions, which is common in this part of the basin, in order to further evaluate the Dorados structure, a large thrust anticline with 4-way closure with a potential thick reservoir section. Petrodorado also takes into consideration that Dorados sands present better pressure regime than the nearby Guando Oil Field (126 MMBO recoverable) located 40 km to the southeast of the Dorados-1X
well. Petrodorado is the operator of the block with a 65% working interest.