Parex Resources abandons Colombian exploration well after tests show no hydrocarbons

(WO) — Following the completion of testing, Parex Resources Inc. has announced the abandonment of its wholly-owned Chirimoya exploration well at VIM-431 in Colombia.

As previously announced, Parex reached the Chirimoya exploration wells’ target depth of approximately 17,500 feet. Following open hole evaluation, including logging operations, the Company made the decision to case and test the well. All three prospective zones were evaluated and confirmed that the potential reservoirs had no economic hydrocarbons.

The Chirimoya exploration well was the first prospect in a three well 2023 big ‘E’, high-impact exploration program. The Northern Llanos Arauca-8 well at Arauca (50% W.I.) and the Llanos Foothills Arantes-1 well at LLA-122 (50% W.I.) are expected to be spud in Q4 2023.

Parex will release its Q2 2023 results as well as provide an operational update post-market on August 2, 2023, with plans to host a conference call for investors, analysts and other interested parties the following day.