El Paso Drills Successful Brazil Wells
The original Pinauna Field tested oil in three exploratory wells in the 1980s. The company previously estimated the total resource of the original field to be about 37 million barrels of oil equivalent, but now estimates the total resource at up to about 90 MMBOE.
El Paso currently has a 100 percent working interest in this project, and is in the process of marketing up to a 50 percent non-operating stake.
El Paso drilled the Cacau-1 well to a total depth of 2,889 meters. A seven meter section of the upper Jurassic Sergi formation was cored, and the well has been confirmed as an oil discovery. The Acai well was drilled to a total depth of 2,915 meters, and tested gas and condensate from the top 70 meters of a potential 136 meter hydrocarbon interval.
El Paso is currently evaluating the test results and assessing development options.
El Paso owns North America's largest interstate natural gas pipeline system and is one of the region's largest independent natural gas producers.
Shares rose 5 cents to close at $18.10.
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