Page 17 - LatAmOil Week 13 2022

LatAmOil NEWS IN BRIEF LatAmOil

Generated funds flow from operations of
$4.107mn (2020: $263,000) and an annual
operating netback of $26.55 per barrel (2020:
$14.49 per barrel). Recognised net earnings of
$5.719mn ($0.03 per basic and diluted share)
compared to a net loss of $11.03mn ($0.06 per
basic share) in 2020, driven by $13.674mn in net
impairment reversals recognised in the year pre-
dominantly based on increased forecasted crude
oil pricing and partially offset by the deferred
income tax expense impact of $7.463mn.
Despite COVID-19 challenges in Trinidad,
we executed an incident-free $20.106mn explo-
ration programme, primarily focused on drilling
one gross (0.8 net) well, acquiring 22 line-km of
2D seismic and testing two exploration wells
drilled in 2020. We fulfilled all required mini-
mum work obligations in the initial exploration was previously known as the ‘I’ structure) for the now turned to preparations for flow testing.”
period of our Ortoire exploration and produc- Alameda-1 well, the first of two exploration wells Melbana Energy, March 29 2022
tion licence. Development capital expenditures planned for Block 9.
of $7.757mn focused on exporting a third-party Logs were acquired over 276 metres MD of PGS partners with ANH
drilling rig to Trinidad, which was used to drill the Marti objective, however logs were not able
three development wells in Q4-2021. Entered to be acquired over the bottom 16 metres MD, and SGC on Colombia
into revised 10-year lease operating agreements where the strongest influx of hydrocarbons was
for our Coora-1, Coora-2, WD-4 and WD-8 encountered. The quality of the data gathered Pacific seismic project
blocks through December 31, 2030. was good, and analysis is now underway.
Post Period-end Highlights: Daily crude oil Data acquisition took longer than expected PGS has received a Surface Prospection Clear-
sales averaged 1,382 bpd in January 2022 with a due to well control considerations during the ance (APS) issued by the National Hydrocar-
realised price of $71.68 per barrel and averaged logging programme. At total depth, there was bon Agency (ANH) from Colombia, which
1,384 bpd in February 2022 with a realised price some evidence of formation water returned with authorises it to reprocess existing 2D lines from
of $81.30 per barrel. In February 2022, we exe- the oil during logging operations, even though different vintages applying the latest imaging
cuted the relevant agreements with our third- no water had been encountered whilst drilling. techniques and incorporate these lines to a Meg-
party partners to allow for the final tie-in of the There are several reasons why this may be the aProject covering the Pacific Offshore. The Meg-
Coho gas field, with pipeline tie-in operations case, but the lowest oil indications in Alameda-1 aProject will be done in partnership with SCG
proceeding towards anticipated initial produc- are more than 500 metres below the crest of the (Servicio Geologico Colombiano).
tion in May 2022. In March 2022, we were noti- Marti structure on the pre-drill mapping. Geological Context: The project area of inter-
fied that the Trinidad government approved a Continuous excellent oil shows were encoun- est covers most of the Tumaco offshore Basin,
five-year extension to the exploration period of tered over the entire gross interval of almost 300 including the San Juan Basin. This area is char-
our Ortoire licence to July 31, 2026 for an addi- metres MD/245 metres TVD whilst drilling the acterised by the forearc basin structural style in
tional three exploration well commitment. Marti structure. Work has now commenced on convergent margins, related to subduction of the
Touchstone Exploration, March 28 2022 preparations for flow testing this interval. The Nazca Plate beneath the western part of South
high pressure encountered at the bottom of the America. Along the South Colombia pacific
Marti structure necessitated the calling of total margin, thick Cenozoic sedimentary sequences
PROJECTS & COMPANIES depth on the Alameda-1 well at 3,916 metres accumulated over blocks of transitional and oce-
MD/3,694 metres TVD. It is therefore similarly anic crust basement that accreted between the
Melbana Energy announces considered prudent to conduct flow testing a lit- Late Cretaceous and Early Cenozoic with a sed-
tle above this zone. As such, the interval drilled imentary fill of predominant from Tertiary age.
drilling update at Alameda-1 in the Marti structure will be plugged and a short The potential petroleum system is related to
side-track well drilled to about 50 metres MD source rocks of late Cretaceous and early Ter-
Highlights: Logging operations in the Marti higher than current total depth. Flow testing of tiary age, migrated to turbidites fan systems
structure completed. Preparations underway to the Marti section in the side-track well is there- associated with the Miocene interval. Trap and
drill a short side-track well in order to safely con- fore currently projected to commence about seal are provided by Middle-Upper Miocene
duct flow testing of the high pressure 300-metre mid-April. shales combined with early-Middle Miocene
MD1/245-metre TVD2 gross interval encoun- Melbana Energy’s Executive Chairman, mud. Such a framework presents an attractive
tered in the Marti objective. Andrew Purcell, commented: “We’re not sure array of potential hydrocarbon-bearing traps.
Melbana Energy reports that logging opera- if we’re seeing evidence of the full extent of this “This reprocessed regional Tumaco Basin
tions in the Marti structure of its Block 9 contract hydrocarbon interval in the Marti sheet, but dataset will provide an entry tool for Colombia’s
area, onshore Cuba (Melbana’s working interest even if it turns out to be so we’ve got about 300 Pacific offshore area, improving imaging of the
30%), have concluded. metres TVD of gross hydrocarbon interval, the play elements and de-risking the prospectivity
The Marti structure is the updated interpreta- bottom of which is estimated to be some 500 potential,” says Adriana Sola, Area Manager of
tion of the subsurface environment and was the metres TVD from the crest of the Marti struc- Latin America and Caribbean at PGS.
lowest and largest primary predrill target (and ture given we intercepted it down dip. Efforts are PGS, March 30 2022

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