Page 12 - LatAmOil Week 08 2020

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Argentina: Crown Point provides operations update
Crown Point Energy today provided an update regarding its operations at Tierra del Fuego (TDF) and Cerro de Los Leones (CLL).
Tierra del Fuego – La Angostura Concession (WI 34.74%): In late January, some initial water production was reported from the SM x-1001 oil well. The water cut subsequently increased to approximately 50% of the total fluid production from this well, which had averaged 1,470 bpd (net 511 bpd) from the upper Tobífera reservoir in December 2019.
The well has been shut in, and a workover to evaluate the underlying middle Tobífera section (oil-bearing in the SM a-1003 oil well, located approximately 1 km to the NNW of SM x-1001) is now underway. Testing of the uppermost Tobífera section will be carried out after eval- uation of the middle Tobífera section has been completed.
Installation of additional water handling facilities at San Martin has commenced and is scheduled to be completed during Q2 of this year.
SM a-1002 continues to produce oil with neg- ligible water cut from the upper Tobífera reser- voir. In December 2019 the well averaged 1,610 (net 559) bpd.
Cerro de Los Leones (WI 100%): Extended production testing of the SRM x-1001 gas dis- covery well located on the northern CLL block was completed in late January 2020. Over a
seven-day period, the well produced gas from the Agua de la Piedra Formation (Middle Ter- tiary) at an average rate of 3.5 mcf per day at rates varying between 1.25 and 3.54 mcf per day at flowing well head pressures ranging between 760 and 1,060 psi through choke sizes of 6 mm to 12 mm.
The total volume of gas produced during the test period was 9.7 mcf plus 150 barrels of for- mation water. Water production during the test period averaged 17 barrels per 1 mcf of gas.
The well has been shut in pending a review of the test results.
Crown Point is an international oil and gas exploration and development company incor- porated in Alberta, Canada, trading on the TSX Venture Exchange and with operations in Argentina. Crown Point’s exploration and devel- opment activities are focused in two of the largest producing basins in Argentina, the Austral basin in the province of Tierra del Fuego and the Neu- quén basin in the province of Mendoza. Crown Point has a strategy that focuses on establishing a portfolio of producing properties, plus produc- tion enhancement and exploration opportuni- ties to provide a basis for future growth.
Crown Point, February 26 2020
Eco (Atlantic) Oil & Gas reports outlook for Guyana
Eco (Atlantic) Oil & Gas, the oil and gas explo- ration company with licenses in Guyana and Namibia, has announced its outlook for Guyana.
The Orinduik block operator has proposed a further fine tuning analysis of the upper
cretaceous reservoirs, and the Operator has announced a plan to incorporate the Carapa well data into Orinduik’s existing geological models and technical analysis over the coming period.
Further, the partners plan to integrate the discoveries at Jethro and Joe with the Carapa discovery with the rest of the regional data now available and to incorporate this data into a reprocessing of the 3D seismic already shot on Orinduik. The intent is to provide further defini- tion to the Cretaceous interpretation and target selection for drilling.
Geological modeling, prospects maturation and target selection on the Block are ongoing, and the JV partners are working closely to agree the best work program to further explore the prospectivity of the license. Multiple prospects are currently being reviewed with high-graded candidates under consideration for the next drilling programme.
Eco is fully funded and is pushing to drill a minimum of at least one upper Cretaceous tar- get as soon as practically possible for its part- ners. Consideration is being given to prioritise a stacked multi-target well.
The Orinduik JV partners are Eco Atlantic (15% working interest, Tullow Guyana (opera- tor, 60%) and Total E&P Guyana (25% working interest).
Gil Holzman, President and Chief Execu- tive Officer of Eco Atlantic, commented: “After completing a successful drilling campaign in 2019, we continue to benefit from a very strong balance sheet and remain fully funded to con- duct further exploration and appraisal drilling activity on the Orinduik block. Our recently updated CPR reaffirms the high prospectivity of the license and the considerable upside potential contained within the Tertiary and Cretaceous horizons. As such, the JV partners are working on incorporating the learnings gained from other regional discoveries, such as the Carapa well result, into our existing geological models, as this will enable us to identify the most high value targets on the Block.
‘While it is Eco’s intention, and there remains the potential, to conduct a drilling programme later this year, the need to integrate the new data learned from recent discoveries in the region into our understanding of the block’s geology may result in further drilling and appraisal activity taking place in H1-2021. However, a final decision on further drilling activity and the overall budget will be made in the coming months. It is important to note that we remain convinced of the significant upside of Orinduik, are well funded, have strong shareholders and partners and are confident that further drilling activity will be conducted as soon as practically possible and will prove the Block’s potential.” Eco (Atlantic) Oil & Gas, February 26 2020
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