Block 100 Huaya Anticline, Peru
* 15,300,000 gross barrels oil classified as Proven Undeveloped Reserves (P90).
* 3,343,050 barrels net P90 to Radial
* Second potential structure identified on same block
Summary
Location map of Block 100 showing trend
Click to enlarge
Location map of Block 100 showing trend of oil
fields along the Huaya Anticline.
The Company has acquired a 23% non-operated working interest in the Huaya Block 100 oil project covering 19,027 acres within the Huaya Anticline area in the Ucayali Basin of eastern Peru.
According to the independent reserve assessment by Gustavson Associates, LLC, the Proven (P90) category undeveloped oil reserves for the Huaya Block 100 project, net to Radial, are 3,343,050 barrels, and the Proven plus Probable (P50) undeveloped net oil reserves are 4,754,560 barrels.
Location map of Block 100 showing trend
Click to enlarge
Peru drill rig in operation at Block 100.
Radial recently drilled the first of between 25 and 40 wells on the 250- 500 acre structure which has already tested 38 API gravity light oil from PetroPeru’s Huaya 4X discovery well drilled in 1984 and tested oil from 12 feet of oil column on the flank of structure in the Vivian formation. Several of the partners of CCP, the concession holder and owner of a 67% working interest, were originally involved in the geology, engineering and well site work for the well. Convinced of the potential of the discovery, the CCP partners formed a consulting company and over 10 years of negotiations with the government, obtained the rights to the block as a private concession.
Location map of Block 100 showing trend
Click to enlarge
Drilling rig in Peru.
The Huaya field is analogous to the Maquia field, located approximately 35 miles to the south along the same structural anticline. Both fields are pop-up features with primary production from the Vivian sandstone. Secondary targets, which produce in the Maquia field, are the Cachiyacu and Casablanca sandstone reservoirs. The Maquia field, owned and operated by Maple Energy, has produced over 17,000,000 barrels of oil to-date, and continues to produce about 600 barrels per day. The producing zones are relatively shallow (in the Huaya field the deepest horizon is found between 800 and 900 feet of drilling depth), making the development of the field both economical and rapid. The oil in both accumulations is high gravity 38 degree API and sweet. Various oil markets are available, including refineries up river in Pucallpa and down river in Iquitos. The oil is shipped via river barge to
Location map of Block 100 showing trend
Click to enlarge
Drilling rig in Peru.
these buyers and sold at international prices. The river barging infrastructure and system has been in place for almost 50 years, coinciding with the timing of the discovery of the Maquia field in 1957.
CCP geologists and geophysicists have identified another separate pop- up structure, similar in size and geometry to the Huaya and Maquia structures, due north of the current project area. A seismic program is being planned to confirm 4-way closure, and upon confirmation, the drilling of an exploratory well will be proposed.
Radial Energy targets overlooked or under-developed reserves that are under the radar of multinational oil companies and out of the reach of small independents. The Huaya Block 100 is an example of this part of the Radial strategy.
Update
The Huaya 100-1X well has reached total depth and encountered 14 feet of oil column in the Vivian sandstone, with streaming oil shows, bright fluorescence and a gas kick of 100 parts per million. A similar gas kick was encountered in the Casablanca sandstone, indicating the possibility that we may be near the oil contact in that formation. The rig is currently being moved to the Huaya 2X location in order to take advantage of the available equipment and crews on standby from the 1X well. The 1X well has production casing set to 463 feet, and we are awaiting 4 inch production casing to lower to the Vivian formation for |
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