CDS REACHES PLANNED DEPTH IN FIRST WELL IN PARAGUAY
LONDON, England: 22 December, 2005 - CDS Oil & Gas Group plc ('CDS'), the
AIM-listed oil explorer (CDS.L), is pleased to report that it has reached the
planned depth of 1,635 meters on its first well in the Chaco region of Paraguay.
The well has been cased and suspended for testing at a later date.
The well, which was spudded on November 25, 2005, is located 200m south-east of
the Independencia 1 well drilled in 1993 on the Gabino Mendoza block, which was
in turn a re-entry of the Mendoza 1-R well drilled by Pure Oil in 1959. The
primary objective of the new well was a potential oil-bearing zone between 705
metres and 1,600 metres, identified by CDS through its interpretation of seismic
data and the well logs of previous drilling operations.
Early results have indicated the presence of hydrocarbons at various levels
within the well, but are as yet inconclusive. CDS is currently engaged in
analysing the drilling logs and the results taken from sidewall cores to
ascertain the potential of the well. Further information will be provided in
due course.
James Wade, President and CEO of CDS, said: 'There are encouraging indications
from this well. However there is still a great deal of work required before we
can confirm the quality and quantity of the hydrocarbon indications we have
encountered.'
Ends
Enquiries to:
James Wade Tel: + (595)-21-664-270
President and Chief Executive Officer
CDS Oil & Gas PLC
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