Harken Announces Positive Test Results on Its Estero 4 Well in Colombia
April 21 2004 - 9:56AM
PR Newswire (US)
Harken Announces Positive Test Results on Its Estero 4 Well in
Colombia HOUSTON, April 21 /PRNewswire-FirstCall/ -- Harken Energy
Corporation ("Harken"), announced today that Global Energy
Development PLC ("Global") which is 85% owned by Harken has
perforated and tested the Massive Ubaque zone from 8352 to 8371
feet in its Estero 4 well on Global's Alcaravan Association
Contract in Colombia. The Massive Ubaque zone, which according to
third party log analysis contains at least 14 feet of producible
hydrocarbon thickness, tested at a maximum rate of 960 gross
barrels of oil per day. The measured density of the crude oil was
16 degrees pursuant to the measurement standards established by the
American Petroleum Institute. Global expects to place the well on
production by month end. The Massive Ubaque zone is a new producing
formation for the field and provides added enthusiasm for future
development. Through the discovery and successful testing of the
Massive Ubaque zone, Global has now established a third producing
reservoir in Global's Palo Blanco field. In addition to the Massive
Ubaque, the Upper Mirador and Upper Ubaque are also productive in
the field. Both the Upper Mirador and the Upper Ubaque had
excellent shows during the drilling of the Estero 4 and will likely
be tested in the future. Global owns a 100% working interest in
this well. Global plans to drill two additional wells in this field
this year. Presently the geologic maps are being updated to include
the latest data from the Estero 4 well. The independent engineering
studies on this field already reflect five additional locations to
be drilled in the Palo Blanco field in the future. Commenting on
the Estero 4 test results, Alan Quasha, Chairman of Harken stated,
"We are pleased with the test results of the Estero 4 well and the
immediate positive impact it will have on Global's future cash
flows. As geology is not an exact science and while we must caution
that we are still in the testing phase, the results from this well
appear to be very good news. This well adds a new third zone in
Global's Palo Blanco field. Our main objective with this well was
to find commercial quantities in both the Mirador and Upper Ubaque
zones, which we appear to have done. We also had unexpected shows
in a new zone, the Massive Ubaque, and preliminary results indicate
that production from this zone alone will significantly increase
Global's current daily gross production from its current level of
approximately 1325 gross barrels of oil produced per day. The test
results from the Estero 4 well reinforce our belief that the Palo
Blanco field alone provides great future potential for Global. Our
decision to drill at least two more wells there this year
demonstrates our confidence in Palo Blanco's potential." This
announcement may contain forward-looking statements as defined by
the Securities and Exchange Commission. Harken, however, believes
that it is important to provide this operations update and
communicate its future expectations to its stockholders. The
forward-looking statements in this announcement reflect the current
view of management with regard to future events and are subject to
numerous known and unknown risks, uncertainties and other factors
that may cause the actual results, performance, timing or
achievements of Harken to be materially different from any results,
performance, timing or achievements expressed or implied by such
forward- looking statements. These risks, uncertainties and other
factors include, among others, the risks described in Harken's
filings with the Securities and Exchange Commission including the
Annual Report on Form 10-K for the fiscal year ended December 31,
2003 filed on March 26, 2004. Statements regarding future
production are subject to all of the risk and uncertainties
normally associated with exploration, development and production of
oil and gas. These risks include, without limitation, variability
in the price received for oil and gas production, lack of
availability of oil field goods and services, environmental risks,
drilling and production risk, risk related to offshore operations,
and regulatory changes. Investors are cautioned that any such
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected
in the forward-looking statements. Although Harken believes that
the expectations reflected in the forward-looking statements of
this announcement are reasonable, it can give no assurance that
such expectations will prove to be correct or that unforeseen
developments will not occur. Harken undertakes no duty to update or
revise any forward-looking statements. DATASOURCE: Harken Energy
Corporation CONTACT: Investor Relations of Harken Energy
Corporation, +1-281-504-4000, or Web site:
http://www.harkenenergy.com/
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