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Canacol on spudding spree in Colombia

05th August 2014

Canacol Energy has revealed its ambitious plans for Llanos basin development in an update concerning its production and drilling operations in Colombia and Ecuador

Canacol on spudding spree in Colombia
Canacol spudded the Pointer 1 exploration well on July 28, 2014, and expects results in late August 2014. It plans to drill an additional seven wells on LLA23 throughout the remainder of calendar 2014, which includes the Maltes 1 exploration well, subject to approval by the ANH

Average net production before royalties for the period April 1 to June 30 2014 was 12,212 barrels of oil equivalent per day (boepd), which consisted of 9,271 barrels of oil per day (bopd) and 16.7 million standard cubic feet per day (mmscfpd) (2,941 boepd) of gas.

This reflects an increase of 12 per cent from the previous quarter and an increase of 47 per cent year-over-year. Average net production before royalties for the month of July 2014 was 13,274 boepd, which consisted of 10,102 bopd and 18.1 mmscfpd (3,172 boepd) of gas.

 

LLA23 E&P Contract (Llanos Basin- Colombia)

Canacol has completed the drilling of the Pantro 2 appraisal well and is currently production testing several reservoirs. Upon completion of the production testing of the Pantro 2 appraisal well, it plans to spud the Tigro 1 exploration well in mid-August 2014. Canacol spudded the Pointer 1 exploration well on July 28, 2014, and expects results in late August 2014. It plans to drill an additional seven wells on LLA23 throughout the remainder of calendar 2014, which includes the Maltes 1 exploration well, subject to approval by the ANH.

 

Esperanza E&P Contract (Lower Magdalena Basin - Colombia)

Canacol has completed the drilling of the Palmer 1 gas exploration well and is preparing to run casing in preparation of production testing the primary Cienaga de Oro sandstone reservoir objective. Upon the completion of the testing at Palmer 1 it plans to spud the second of three planned exploration wells targeting the Cienaga de Oro reservoir, Corozo 1, in early September 2014 subject to approval by the Agencia Nacional de Hidrocarburos (ANH).

It plans to commence the drilling of the third exploration well, Canandonga 1, in November 2014.

 

Santa Isabel E&P Contract (Middle Magdalena Basin – Colombia)

Canacol has completed the drilling of the Oso Pardo 2 well and is running casing in preparation of production testing the primary Umir sandstone reservoir objective. It plans to spud the Oso Pardo 3 appraisal well subject to the approval of the ANH in late August 2014, which will also target production from the Umir sandstone reservoir. Based upon the positive results achieved by the Morsa 1 and Oso Pardo 2 wells, the Corporation plans to drill an additional exploration well, Navarl 1, prior to year end calendar 2014 subject to the approval of the ANH.

 

Libertador-Atacapi Field (Oriente Basin - Ecuador)

The Corporation completed the drilling of the Shushuqui 23 development well in the Libertador-Atacapi field and tested 3,534 bopd gross (884 bopd net) of 30o API oil with a 3% water cut from the Cretaceous T sandstone reservoir over a 23 day flow period. The Shushuqui 23 well is the 5th of 10 planned development wells completed in the Libertador-Atacapi field so far in calendar 2014.

 

Ombu E&P Contract (Putumayo / Caguan Basin - Colombia)

It has completed the drilling of the Capella P88H horizontal production well located in the Capella heavy oil field and is preparing to bring the well onto production. The well is the 11th of 20 planned development wells drilled in Capella by the Corporation so far in calendar 2014.

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