Canacol Energy Ltd. Tests 590 BOPD From Fractured La Luna Formation Discovery at Mono Arana, Colombia
2014年3月6日 - 8:30PM
Marketwired
Canacol Energy Ltd. Tests 590 BOPD From Fractured La Luna Formation
Discovery at Mono Arana, Colombia
CALGARY, ALBERTA--(Marketwired - Mar 6, 2014) - Canacol Energy
Ltd. ("Canacol" or the "Corporation")
(TSX:CNE)(OTCQX:CNNEF)(BVC:CNEC) is pleased to provide an update of
the testing operations from the La Luna Formation in the Mono Arana
1 exploration well pursuant to the VMM2 Exploration and Production
("E&P") Contract covering the Middle Magdalena Basin of
Colombia. Canacol has a 20% non-operated working interest in this
Contract, with ExxonMobil Exploration Colombia having a 70.1%
working interest and Vetra Exploración y Producción Colombia having
the remaining 9.9%.
As reported on January 24, 2013, the Mono Arana 1 exploration
well encountered 230 feet ("ft") of net oil pay within the
naturally fractured Cretaceous La Luna Formation. The Corporation
has a 20% working interest in this part of the VMM2 contract for
the La Luna. Two flow periods have been completed in the La Luna
naturally fractured reservoir within the well, with the final flow
period yielding a gross rate of approximately 590 barrels of oil
per day ("bopd") of 22° API oil during the last hour of the 24 hour
flow period.
Charle Gamba, President and CEO of the Corporation, commented
"We are very pleased with the flow test results from the La Luna
naturally fractured reservoir at the vertical Mono Arana 1 well.
The flow test results from the La Luna in the Mono Arana 1 well
demonstrate that the reservoir where it is naturally fractured is
capable of good natural flow rates."
Mono Arana 1 Flow Test
Results
The Mono Arana 1 well was spud on September 23, 2012, and was
designed to test the oil potential of both the shallow Tertiary
Lisama sandstone reservoir and deeper shale and carbonate
reservoirs within the La Luna, Simiti, and Tablazo Formations. The
well was drilled to a depth of 9,942 feet measured depth ("ft md").
Approximately 760 ft of La Luna Formation was encountered within
the well, with good oil and gas shows encountered across the gross
drilled interval. The La Luna Formation also exhibited high
overpressure of up to 8146 psia. Based on Canacol's petrophysical
analysis of the openhole logs run across the interval the part of
the La Luna Formation penetrated in the well contains approximately
230 ft of net oil pay with an average porosity of 14% within
naturally fractured shale and carbonate reservoirs.
Two flow periods were performed under natural flow conditions;
the first consisted of a 48 hour ("hr") flow period, and the second
a flow period of 24 hrs following an acidization procedure of the
well. The first flow period yielded a gross production of
approximately 130 bopd of 21° API oil and 16 thousand standard
cubic feet per day ("mscfpd") with a 0.4% water cut on a 16/64 inch
choke and a final bottom hole flowing pressure of 3,707 pounds per
square inch ("psi") under natural flow conditions during the last
hour of the 48 hr test.
The second flow period was conducted after performing an
acidization procedure and the gross production increased to
approximately 590 bopd of 22° API oil and 118 mscfpd and 0.4% water
cut on a 24/64 inch choke with a final bottom hole flowing pressure
of 4,081 psi achieved under natural flow conditions during the last
hour of the 24 hour test.
The Corporation plans to commence a long term production test of
the La Luna, subject to receipt of approval from the ANH.
Canacol's Acreage
Position within the Magdalena Valley of Colombia
The Corporation holds interests in approximately 545,000 net
acres within this play mainly in the Magdalena Valley of Colombia,
the second largest position held by any operator after the State
oil company.
Canacol is an exploration and production company with
operations focused in Colombia and Ecuador. The Corporation's
common stock trades on the Toronto Stock Exchange and the Colombia
Stock Exchange under ticker symbol CNE and CNE.C,
respectively.
This press release contains certain forward-looking
statements within the meaning of applicable securities law.
Forward-looking statements are frequently characterized by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate" and other similar words, or statements
that certain events or conditions "may" or "will" occur, including
without limitation statements relating to estimated production
rates from the Corporation's properties and intended work programs
and associated timelines. Forward-looking statements are based on
the opinions and estimates of management at the date the statements
are made and are subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking
statements. The Corporation cannot assure that actual results will
be consistent with these forward looking statements. They are made
as of the date hereof and are subject to change and the Corporation
assumes no obligation to revise or update them to reflect new
circumstances, except as required by law. Prospective investors
should not place undue reliance on forward looking statements.
These factors include the inherent risks involved in the
exploration for and development of crude oil and natural gas
properties, the uncertainties involved in interpreting drilling
results and other geological and geophysical data, fluctuating
energy prices, the possibility of cost overruns or unanticipated
costs or delays and other uncertainties associated with the oil and
gas industry. Other risk factors could include risks associated
with negotiating with foreign governments as well as country risk
associated with conducting international activities, and other
factors, many of which are beyond the control of the
Corporation.
Data obtained from the initial testing results at the well
identified in this press release, including barrels of oil produced
and levels of water-cut, should be considered to be preliminary
until a further and detailed analysis or interpretation has been
done on such data. The well test results obtained and disclosed in
this press release are not necessarily indicative of long-term
performance or of ultimate recovery. The reader is cautioned not to
unduly rely on such results as such results may not be indicative
of future performance of the well or of expected production results
for the Corporation in the future.
Canacol Energy Ltd.Investor
Relations888-352-0555IR@canacolenergy.comwww.canacolenergy.com
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