PetroNova Inc. provided an update on its Arowana-1 exploratory well located on the CPO-13 Block (in which PetroNova has 20 percent working interest) in Colombia's Llanos Basin.

The Arowana-1 exploration well was spud on November 22, 2012 and reached a total depth of 3,615 feet on November 28, 2012 without incident. Good sand development in the C7 Interval of the Carbonera Formation was identified, however, petrophysical interpretation resulted in low resistivity and high water saturation for the objective C7 sand and the Operator is presently abandoning the well.

Arowana-1 is the second well drilled in the CPO-13 Block, where a discovery at the Pendare-1 well was announced on July 25, 2012. PetroNova will continue its drilling campaign and plans to move the rig to the Tornado prospect in CPO-13, completing the phase 1 commitments of the exploration plan.

Tags: PetroNova Inc.