* Well logs show presence of significant net oil sands
* Says to start drilling prospect D at Topoyaco late in Q1
Dec 16 Canadian explorer Alange Energy Corp
ALE.V said it discovered heavy oil at the Topoyaco block in
the Putumayo basin in Colombia.
The company said the Topoyaco-2 well reached a total depth
of 8,700 feet, finding 114 feet of total net oil pay sand. This
has prompted the company to carry out extensive testing using
diverse optimization techniques.
"The discovery of an unanticipated heavy oil reservoir...
has diverted us from the original targeting of Villeta and
Caballos (formations), which hold the best promise," Chief
Executive Luis Giusti said in a statement.
Alange, which has more than 1.2 million acres of property
in Colombia, will start drilling prospect D at the Topoyaco
block late in the first quarter of 2011.
Shares of the company closed at 56 Canadian cents on
Wednesday on the Toronto Venture Exchange.The stock has lost 14
percent of its value year to date.
(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by