Page 17 - LatAmOil Week 41

LatAmOil NEWS IN BRIEF LatAmOil

UPSTREAM the Ortoire exploration drilling programme in
August 2019.
President Energy depth of 10,039 feet (3,060 metres) to test a sepa-
Highlights: Chinook-1 was drilled to a total
announces Rio Negro rate structural formation 1.5 km south from the
successful Cascadura gas discovery; wireline
drilling update logs indicated significant natural gas pay total-
ling approximately 589 feet (179.5 metres) net in
AIM-listed President Energy has provided an three unique thrust sheets in the Herrera sands;
update in relation to its drilling operations at the additional natural gas pay of approximately 20
Estancia Vieja and Las Bases fields, Rio Negro, feet (6.1 metres) net was encountered in the shal-
Argentina. lower Cruse formation; completion and testing
Drilling Programme: The exploration well of the well is expected to be undertaken during
EVN-x1 at the Estancia Vieja field, Rio Negro the first quarter of 2021. We expect the drilling Chinook well exceeded pre-drill expectations.
Province, has now been spudded. rig to mobilise to our Cascadura Deep location The successful exploration well further confirms
As previously announced, the intended target prior to the end of the month. the geological model developed by our team and
is an undrilled and undrained structure within Drilling samples and open hole wireline logs is expected to provide significant development
the larger Estancia Vieja field where the P50 suc- indicated that the Chinook-1 well encountered opportunities in the Chinook area. With both
cess case for this well is oil of 40 cubic metres a significant Herrera turbidite package with the shallow and deepest zones being new to the
per day (250 bpd) and gas of 60,000 cubic metres a total thickness of 2,000 feet (6,096 metres) area, it also identified future exploration oppor-
per day (350 boepd) and where the structure as containing over 1,480 feet (451.1 metres) of tunities. The Company’s focus is now on the
a whole could contain 5-14mn barrels of oil in sand. Open hole well logs and drilling samples drilling of the Cascadura Deep exploration well,
place and 11-26 bcf (312-736 mcm) of gas. In indicated that these sands contain an aggregate which will impact the timing of Chinook-1 pro-
the event of success, it would open the possi- 589 feet (179.5 metres) net of natural gas pay in duction testing operations to ensure the safety of
bility of some six follow-on wells, of which five three unique thrust sheets. The well encountered operations. I would like to thank our contractors,
would likely target gas and the other oil. There 341 feet (103.9 metres) net of hydrocarbon pay suppliers, government officials and our staff who
are no current reserves booked for any part of in the Gr7a section of the overthrust Herrera have worked together to keep us moving forward
this structure. sands at measured depths between 8,154 feet during these challenging times.”
The cost of the well is estimated at $2.5mn (2,485 metres) and 8,710 feet (2,655 metres). The James Shipka, Chief Operating Officer, stated:
with approximately 28 days to drill down to the overthrust Gr7a sands were the Company’s pri- “We continue to see the significant and growing
2,000 metres target depth. mary target originally identified in the offsetting potential of the Ortoire exploration block with
A further announcement will be made once BW-7X well. 180 feet (54.9 metres) net of hydro- Chinook-1 encountering over 2,000 feet [609.6
target depth is reached and logging of the well carbon pay was identified in the Gr7bc section metres] of turbidite deposits, nearly 1,500 feet
has taken place, estimated to be by the end of of the intermediate Herrera sands at measured [457 metres] of developed sands and a total of
November. depths between 8,850 feet (2,697 metres) and over 600 feet [183 metres] of natural gas pay. At
A workover rig has now been moved to the 9,750 feet (2,972 metres). The sands encountered a depth of 10,039 feet [3,060 metres], Chinook-1
newly drilled well LB-1001 at the Las Bases field in this thrust sheet also correlate to the offsetting is one of the deepest wells drilled onshore Trin-
in order to complete the well ready for testing BW-7X well and were the Company’s secondary idad in almost a decade and verifies the evolu-
and then production. A further announcement target. Some 68 feet (20.7 metres) net of hydro- tion of our drilling practices since commencing
in relation to this well is expected to be made carbon pay were identified in the Gr7bc section our exploration programme. For Chinook-1,
before the end of October. In respect of the work- in a subthrust sheet of Herrera sands at meas- we employed a synthetic oil-based mud system
over programme, a summary of the work and ured depths between 9,750 feet (2,972 metres) that assisted in drilling while reducing formation
results will be provided at the end of the year. and 10,003 feet (3,049 metres). This represents damage and incorporated a top drive onto the
President Energy, October 14 2020 a previously unknown thrust sheet as no sands drilling rig to aid in drilling to greater depths. We
of this depth were previously penetrated in the intend to replicate these drilling practices mov-
Touchstone announces offsetting wells. ing forward given Chinook-1 demonstrated our
In addition to the Herrera sandstones and ability to successfully conduct complex oper-
significant natural gas the associated hydrocarbon discoveries, an ations in a safe manner while strictly adhering
to restrictions imposed during the ongoing
additional 20 feet (6.1 metres) net of hydrocar-
discovery at Chinook bon pay was identified in the Cruse formation COVID 19 pandemic.’
at depths between 2,996 feet (913.2 metres) and
The Chinook-1 exploration well was spudded
Touchstone Exploration has completed drilling 3,021 feet (920.8 metres). This represents a new on August 13, 2020, using Well Services Petro-
the Chinook-1 exploration well on the Ortoire discovery in the area that was not observed in leum Rig #80. The well was designed to explore
exploration block, onshore in the Republic of offsetting well data. the potential for a thick section of Herrera sand-
Trinidad and Tobago (Touchstone 80% work- In the first quarter of 2021, the Company stones in the SW-NE trending Chinook anti-
ing interest operator, Heritage Petroleum Co. expects to initiate a comprehensive comple- cline, located approximately 1.5 km south of the
20% working interest) and has announced that tion and testing plan to evaluate the economic Cascadura anticline and our associated gas dis-
the well encountered significant hydrocarbon potential of the hydrocarbon sands. We expect covery. The primary target of the Chinook well
accumulations based on wireline log data. Chi- the drilling rig to move to the Cascadura Deep was the Gr7a overthrust Herrera sands near the
nook-1 is the Company’s third exploration well location prior to the end of the month. crest of the structure at an approximate meas-
drilled on the Ortoire exploration block and the Paul R. Baay, President and Chief Execu- ured depth of 8,100 feet (2,470 metres), which is
third hydrocarbon discovery since commencing tive Officer, commented: “The results from the capped by thick Karamat shales.

Week 41 15•October•2020 www. NEWSBASE .com P17