A company statement said the well had reached a depth of 10,987 feet with electric logs indicating potential net gas pay of approximately eight feet within a gross column of around 24 feet thick.
"The hole will now be stabilised by the installation of a seven inch drilling liner before drilling ahead to its planned total depth of 14,840 feet," said the report.
La Playa Deep # 1 is the first of a six well drilling program planned to take place over the next 12 months. The well has a planned total depth of 14,840 feet. The primary objective of the well starts at around 12,000 feet and is expected to be reached in one to two weeks.
Interests in the project are Novus 70%, Golden Gate 10% and Moeco 20%.
