Page 23 - LatAmOil Week 46

LatAmOil NEWS IN BRIEF LatAmOil

Completion of the well and preliminary testing GeoPark announces announced to the market August 4, 2020. The
of the lower of these intervals has now been com- BGP vessel Prospector will acquire approxi-
pleted. The testing, lasting some 36 hours using successful drilling at mately 5,000 square km, which will bring the
the workover rig has been successful with 36 total coverage in the area to 18,000 square km.
degree API light oil plus associated gas continu- Indico field in CPO-5 The survey is supported by industry funding and
ously free flowing to surface, without the need to expected to be completed in Q1-2021.
swab or pump, through various choke sizes rang- block in Colombia In addition, the company announces two
ing from a small 2mm up to 8mm. Testing with new projects offshore Brazil.
large size chokes eg to 16mm was not necessary GeoPark, a leading independent Latin American TGS will mobilise the COSL vessel HYSY720
as the results were both apparent and obvious. oil and gas explorer, operator and consolidator to commence acquisition of the Espirito Santo
The results demonstrated that there is currently with operations and growth platforms in Colom- 3D survey by year-end. This is a Dual Azimuth
good energy in the relevant formation with both bia, Ecuador, Chile, Brazil and Argentina today (DAZ) survey covering a 1,400-square km
gas lift and a deeper water drive. announced the successful testing of the Indico area in the Espirito Santo Basin. The vessel is
This is the first time that any hydrocar- 2 appraisal well in the CPO-5 block (GeoPark currently in transit to Brazil and acquisition is
bons have been produced from the previously non-operated, 30% WI1) in Colombia. expected to be completed by the end of Q1-2021.
undrilled Estancia Vieja North structure and The operator ONGC Videsh drilled and The survey is supported by industry funding and
marks a successful end to the two-well Q4-2020 completed the Indico 2 appraisal well to a total carried out in partnership with COSL.
drilling campaign in Rio Negro, Argentina, both depth of 10,925 feet (3,330 metres). A test con- Furthermore, TGS plans to commence a
of which wells have been drilled and completed ducted through natural flow in the Une (LS3) 7,000 km 2D Survey in the Pelotas Basin dur-
on time, on budget and have delivered in line sandstone formation resulted in a production ing Q1-2021. The Pelotas 2D program will have
with pre-drill projections including this current rate of approximately 5,500 bpd of 35.2 degrees depth imaged products available in early Q3
well which, as flagged, was an exploration well API, with a 0.1% water cut, through a choke of 2021, in time for the 17th Brazil license round.
with the concomitant geological and drilling 40/64 inches and wellhead pressure of 330 psi. The new data set will complement the existing
risks now successfully navigated. Additional production history is required to TGS 2D data coverage in the area and allow for
The preliminary testing indicated that initial determine stabilised flow rates of the well. Sur- better prospect mapping. The survey will be
production levels can be expected in line with face testing facilities are in place and the well is acquired in partnership with BGP, using its ves-
P50 pre-drill success expectations of over 200 already in production. sel Pioneer.
bpd plus associated gas from this lower inter- The Indico 2 well was drilled to a bottom-hole The delayed start of these three projects leads
val. As a clean sand with excellent porosity and location approximately 0.8 km northwest and TGS to revise its annual investment guidance for
estimated high vertical permeability, whilst it 151 feet (46 metres) downdip of the Indico 1X 2020 down from $325mn to expected $300mn.
is expected that water will be produced as well well, with a net pay of approximately 161 feet (49 TGS, November 18 2020
as oil, water disposal will not be a problem. The metres).
well is near the main Estancia Vieja pipelines and Considering Brent of $40-45 per bbl and
facilities which will be used for evacuating both current production rates, the well is expected to PERFORMANCE
the oil and gas. The workover rig is now being have a payback period of less than three months.
moved to the next location within President’s GeoPark, November 12 2020 Touchstone announces
fields and it is anticipated that the well will be
placed on production in the next 14 days. Q3-2020 results
Due to the success in this lower interval, the SERVICES
upper gas-prone interval in the well will be kept Touchstone Exploration has reported its unau-
back to be tested and placed into production TGS announces Latin dited financial and operating results for the three
at a later date. Initial production projections in months ended September 30, 2020.
respect of this upper interval remain at 60,000 American projects Third Quarter Highlights: Delivered average
cubic metres per day (353 boepd). daily crude oil production of 1,310 barrels per
Evaluation of this new structure will now TGS, a leading provider of multi-client geosci- day (bpd), compared to 1,396 bpd in the sec-
commence and will continue through the new ence data for exploration and production (E&P) ond quarter of 2020 and 1,729 bpd in the third
year as more production and pressure data companies, today commenced the Malvinas 3D quarter of 2019. As expected and consistent
becomes available. Accordingly, encouraging programme in Argentina. This survey was first with prior quarters, our crude oil production
as these preliminary results are, this is a new has reduced due to the ongoing impact of nat-
unproduced structure with no direct analogues ural declines, reflecting a strategic focus on our
and it is therefore appropriate to take at this stage Ortoire exploration program which has limited
a conservative and step by step approach. capital investment and reduced discretionary
Peter Levine, Chairman, commented: field maintenance expenditures.
“Encouraging results and a successful end to our Invested $5,758,000 in exploration activities,
Q4 two-well drilling campaign. Whilst work primarily focused on Chinook-1 drilling oper-
continues in our fields, we are now getting down ations and surface facility equipment expendi-
to plan for next year with drilling very much on tures relating to Coho-1 tie-in operations.
the agenda during 2021. We expect concrete Generated funds flow from operations of
plans to be made available by the end of January. $192,000 and an operating netback of $14.09 per
In the meantime, we continue to make progress barrel, representing increases from the second
even in these challenging times.” quarter of 2020 based on higher realised crude
President Energy, November 16 2020 oil sales pricing.

Week 46 19•November•2020 www. NEWSBASE .com P23