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Quetzal Energy Ltd. Spuds the Mani#1 Well in Colombia
Oct. 24, 2011 10:31PM PST
Resource Investing News Quetzal Energy Ltd. (TSXV:QEI) started the drilling program at the Mani #1 well on the Llanos 27 Block in the Llanos Basin of Colombia.
Quetzal Energy Ltd. (TSXV:QEI) started the drilling program at the Mani #1 well on the Llanos 27 Block in the Llanos Basin of Colombia.
As quoted in the press release:
The well is programmed to test the hydrocarbon potential of the Mirador and Une formations with secondary targets being the Carbonera and Gacheta formations. Quetzal’s gross budget for drilling the well is US$10 million and the testing budget is US$4 million – US$5million. The Company is paying 50% of this amount to earn a participating interest of 45.275% before payout and 34.25% after payout.
Click here to read the Quetzal Energy Ltd. (TSXV:QEI) press release
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