Gulf Shores' Prado No. 1 well reaches completion Gulf Shores Resources Ltd GUL Shares issued 13,007,990 Oct 31 2003 close $ 0.21 Monday November 3 2003 News Release
Mr. A. Michael Turko reports GULFSHORES ANNOUNCES COMPLETION OF PRADO#1 Gulf Shores Resources' Prado No. 1 exploration well in the Alborada block in Colombia, South America, has reached total depth and Schlumberger has run geophysical logs. The well was drilled to a depth of 2,247 feet to test a large seismic-defined structure in the Monserrate formation. Independent analysis of the geophysical logs indicates a potentially significant oil column in the Monserrate sandstone in the intervals of 1,000 to 1,400 feet and 1,700 to 2,100 feet. Further log analysis and testing will be conducted to determine the potential net productive intervals in this well. The operator, Gulfsands Petroleum of Houston, is running seven-inch production casing in the well and anticipates testing operations will commence midweek. Gulf Shores Resources has paid 20 per cent of the cost of 59 kilometres of new seismic acquisition, processing and interpretation in order to earn a 10-per-cent working interest in the Prado No. 1 well and the block. The 76,000-acre Alborada block is located in Tolima state, Colombia, and is adjacent to and contiguous south of the block containing the recent Guando discovery (Petrobras/Nexen) which is estimated to have recoverable reserves in excess of 130 million barrels of oil. Thirty-five wells of a continuing development program have been drilled at Guando to date. The Alborada block is also adjacent to and contiguous east of the block containing the Espinal field (Petrobras) which currently produces 12,000 barrels of oil per day into the Upper Magdalena Valley pipeline system. To date, the interpretation of Landsat imagery and existing and new seismic has resulted in the definition of a footwall reservoir play type as is found in the Guando discovery.
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