Page 12 - LatAmOil Week 50 2019

LatAmOil
NEWS IN BRIEF
LatAmOil
In view of this, the company received from the Federal Government, on today’s date, BRL34.414bn, referring to the payment provided for in the Amendment Term to the Transfer of Rights Contract, which was updated by the Selic rate until the payment date.
Petrobras, December 11 2019
UPSTREAM
Columbus Energy provides
update on Saffron well
onshore Trinidad
Columbus Energy has provided an update on the progress of the Saffron well, currently being drilled in the South West Peninsula, Trinidad.
The drilling of the Saffron well is continuing as planned with encouraging results to date. The 8.5-inch (216-mm) pilot hole was successfully drilled to the planned depth and encountered hydrocarbon bearing zones within the tertiary target. This provided the Company with the knowledge and confidence to widen to the 17.5- inch (445-mm) hole size and set 13.625-inch (346-mm) casing, which would allow future testing of encountered oil zones on a successful completion of the well.
Whilst drilling the 12.25-inch (311-mm) section, further shows of oil bearing intervals have been encountered within the secondary target as well as high formation pressures. This has required careful measures to ensure the wellbore is in a stable condition whilst contin- uing to drill. The Company is currently drilling ahead the main .5-inch (216-mm) hole section with which it is planned to reach our prognosed
Lower Cruse primary target. On achievement of the TD (total depth) criteria, the company intends to log and perform production testing of the well, as appropriate.
The company will update, when appropriate, as drilling continues.
Leo Koot, executive chairman of Columbus, commented: “The drilling of the Saffron well is progressing towards our total depth target and we have been encouraged by various oil and gas shows throughout the drilling campaign. I have been at the rig-site during the critical phases of the well campaign and continue to supervise day-to-day operations. The knowledge of the formations and rig systems gained so far from drilling the Saffron well is being applied to the final stages as we reach the primary target and will also prove valuable information for the future wells within the South West Peninsula including any development drilling. The com- pany looks forward to updating the market as appropriate.”
Columbus Energy, December 12 2019
Argentina: Echo Energy
completes drilling of CLMx-1
well in the Tapi Aike licence
Echo Energy, the Latin American-focused upstream oil and gas company, has announced that the Campo La Mata Exploration well (CLMx-1) in the Tapi Aike licence has been drilled to a total measured depth of 2,513 metres in the Palermo Aike Formation and that wireline logging has now been completed.
On the basis of the encouraging initial data from drilling and logging operations described below, a positive decision has now been made
with the operator, Compania General de Com- bustibles (CGC), to move to the next stage of operations to complete and test the well.
The upper secondary target (Mag 60 or Lobe G) was encountered at 1,977 metres. Within this package, two fine-grained sandstones have been identified that coincide with elevated gas shows of 109,900 parts per million (ppm) and 149,500 ppm against a background of 16,500 ppm.
The primary target (Mag 20 or Lobe C) was encountered at 2,181 metres and coincided with elevated gas shows of 72,900 ppm and 80,300 ppm in the uppermost 15 metres within a fine- grained sandstone. Two cores of 19 metres each were taken over the primary target between 2,185 metres and 2,223 metres with 100% recov- ery. Further analyses will be undertaken on the cores, but the lower of the cores showed a well-developed fine-grained sand in the bottom 10 metres.
The lower secondary target (D3 or Anita) was penetrated at a measured depth of 2,265 metres. Within this target, a 20 metre section of several fine-grained calcareous sandstones has been identified between 2,391 and 2,411 metres. This unit also demonstrated elevated gas shows whilst drilling with an increase of up to 1mn ppm in the mud log. This reading indicates that the meas- urement system had become saturated as a result of the inflow of gas.
The initial analyses of the wireline log data have been completed, indicating six zones of potential interest. In the Mag 60, these intervals are at 2,006-2,009 metres, 2,077-2,082 metres and 2,106-2,108 metres. In Mag 20, the primary target, zones of interest are 2,183-2,211 metres and 2,214-2,225 metres. In the lower second- ary target, Anita, the interval of interest is at 2,395-2,403 metres. These intervals have been identified from the wireline logs (spontaneous potential, photoelectric factor, resistivity, den- sity and neutron) together with mud log infor- mation. The Anita sandstones were found to be over pressured by approximately 30%.
While the presence of gas shows in the target sections, combined with the data retrieved dur- ing logging, have resulted in the company and operator taking the decision to move to com- pletion and testing, gas shows can be a result of various processes. The company cautions that completion of the well test and the analysis of the test results will be needed to conclusively estab- lish the presence of producible gas.
The well will be completed by the Petreven H-205 rig with a 5.5-inch (140-mm) casing. Perforation and initial inflow testing will then be undertaken by the Quintana-1 rig, which is expected to mobilise to location shortly. Rigless hydraulic stimulation will also be conducted on the well after the inflow tests have been com- pleted and further announcements will be made, as appropriate, in due course.
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Week 50 19•December•2019