Harvest Natural Resources Announces Another Oil Discovery in the Pre-Salt
HOUSTON, Feb. 11, 2013
HOUSTON, Feb. 11, 2013 /PRNewswire/ --Harvest Natural Resources, Inc. (NYSE:
HNR) today announced an update to its drilling operations in the Dussafu
Tortue Marin-1 (DTM-1) well drilled in the Dussafu Marin PSC, offshore Gabon,
West Africa. Harvest operates the Dussafu PSC, holding a 66.667% interest.
The DTM-1 well was initially drilled in 380 feet of water to a vertical depth
of 11,260 feet. On January 4, 2013, Harvest announced an oil discovery in the
pre-salt Gamba and Dentale reservoirs with plans to drill a sidetrack to
appraise the extent of the Dentale oil discovery.
The Tortue oil discovery has been appraised by drilling a sidetrack (DTM-1ST1)
to the southwest to test the lateral extent and structural elevation of both
the Gamba and Dentale reservoirs. The sidetrack was drilled to a Total Depth
(TD) in the Dentale of 11,385 feet, 10,790 feet True Vertical Depth Subsea
(TVDSS), approximately 1,800 feet from the original wellbore and found 65 feet
of oil pay in the primary Dentale reservoir with better reservoir character
and an apparent similar fluid level to that encountered in the vertical well,
DTM-1. In addition, several other stacked sands with oil shows were
encountered; however, due to a stuck downhole tool, logging operations in the
sidetrack were terminated early before pressure data could be collected to
The well will be suspended pending future appraisal and development activities
and the rig will be released and demobilized.
Reservoir and conceptual engineering studies will start with the aim of
evaluating the commerciality of the discovered oil in the Gamba and Dentale
reservoirs at Tortue, as well as Harvest's previous Ruche oil discovery and
the nearby Walt Whitman and Moubenga oil discoveries to determine the optimum
development options for the block.
The addition of the Tortue oil discovery extends the proven fairway for
stacked pre-salt reservoirs and has demonstrated the exploration potential for
the outboard part of the Dussafu license.
About Harvest Natural Resources
Harvest Natural Resources, Inc., headquartered in Houston, Texas, is an
independent energy company with principal operations in Venezuela, exploration
assets in Indonesia, West Africa, China and Oman, and business development
offices in Singapore and the United Kingdom. For more information visit the
Company's website at www.harvestnr.com.
This press release may contain projections and other forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. They include estimates and
timing of expected oil and gas production, oil and gas reserve projections of
future oil pricing, future expenses, planned capital expenditures, anticipated
cash flow and our business strategy. All statements other than statements of
historical facts may constitute forward-looking statements. Although Harvest
believes that the expectations reflected in such forward-looking statements
are reasonable, it can give no assurance that such expectations will prove to
have been correct. Actual results may differ materially from Harvest's
expectations as a result of factors discussed in Harvest's 2011 Annual Report
on Form 10-K and other public filings.
Stephen C. Haynes
Vice President, Chief Financial Officer
SOURCE Harvest Natural Resources, Inc.
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