Page 14 - LatAmOil Week 04 2020

LatAmOil
NEWS IN BRIEF
LatAmOil
“Indeed, the only way to be certain and to eval- uate the geological and economic potential of the prospective oil sands is to conduct a flow test, which can be done in relatively short order. We have submitted the well test proposal to the ministry and, subject to ministry approval, we would expect to commence the testing in Feb- ruary 2020. I am conscious that we would have liked more concrete results from the logging but the geology of the South West Peninsula and its effect on the tools available to us to log the Saf- fron well do not provide that level of certainty. The best way to evaluate Saffron is to complete and test the well, which we are in the course of doing.”
The company has now completed the inter- pretation of the cased-hole logging for the Lower Cruse portion of the Saffron well. The interpre- tation for the Upper Cruse and Middle Cruse (the tertiary and secondary targets) are expected shortly. The company is currently focusing on its primary target, the Lower Cruse as, per ministry requirements, any testing and production must first be from the deepest possible stratigraphic level.
Cased-hole logs for the Lower Cruse con- firm the presence of sand in line with the cut- tings descriptions and the cased-hole sigma log response suggests the presence of hydrocarbons within those sands. The logs are not definitive as to the water/oil ratio within those sands and the company believes that flow testing, rather than any further logging, is the best way of evaluat- ing the geological and economic potential of the Lower Cruse.
The company is targeting three horizons for testing. The horizons lie between: 4,236-4,244 feet; 3,937-3,947 feet; and 3,760 feet and 3,768 feet, respectively. The company believes that each of these horizons are the tops of larger sand packages. The objective of these tests is to prove an oil filled reservoir. If this objective is met, the company intends to perforate the larger sand
packages to maximise water-free production. The company has submitted to the ministry a well test programme to perforate and test the well. The company expects this testing to occur,
subject to ministry approval, in February 2020. The Saffron well was drilled in the Bonasse licence area in the South West Peninsula of Trin- idad, which includes the Bonasse field. The com- pany is the 100% owner of the Bonasse licence
area.
The Saffron well is the first well drilled by
Columbus ERP, as well as the first well within the Southwest Peninsula in over 11 years.
Columbus Energy, January 24 2020
LNG
Exmar issues financing update on Tango FLNG
Exmar is pleased to announce that Sinosure has approved the release of approximately $40mn from the Debt Service Reserve Account under the Tango FLNG loan facility. The documenta- tion for the release of the restricted cash has been signed today, and the effective release will occur within the coming days.
In the meantime, the Tango FLNG unit exported its second cargo for YPF in December 2019, and the third cargo is being prepared. Exmar, January 23 2020
SERVICES
Cantarell III rig arrives in Mexico
After a 45-day journey from Singapore, Cantarell III arrived off the Campeche coast on Monday
morning, January 27, and will commence oper- ations on March 15.
Cantarell III is able to operate in water depths of 400 feet, drilling depth of 30,000 feet and accommodate 150 personne. It is designed to provide maximum uptime with reduced emis- sions and discharges.
Grupo R, January 27 2020
ION signs multi-client deal
for 2D and 3D programmes
offshore Colombia
ION Geophysical Corp. (NYSE: IO) today announced the company entered into a mul- ti-client agreement with Colombia’s National Hydrocarbon Agency (ANH) granting rights to reprocess existing data and acquire new 2D and 3D multi-client programmes offshore Colom- bia’s Caribbean coast.
In February, the ANH announced a series of reforms designed to encourage investment in exploration and production, such as a per- manent license round and a more attractive tax regime, to boost declining production and increase reserves.
The data is intended to enable better under- standing of hydrocarbon potential and invest- ment opportunities of underexplored shallow and deep water offshore blocks on offer.
“We are continuing to extract maximum value from existing datasets by seamlessly reima- ging them into a single volume, tying all available well data and then supplementing with new data where necessary,” said Joe Gagliardi, senior vice president of ION’s Ventures group. “The com- bination of Colombia’s new permanent license round and improved legislative terms are causing E&P companies to take a second look at Colom- bia’s offshore frontier. Analysis to date suggests several established petroleum systems offshore that we believe are worth better understanding.” ION Geophysical, January 22 2020
PERFORMANCE
President Energy
announces new certified
Argentina reserves report
President Energy has announced its new inde- pendently certified hydrocarbon reserves report on its assets in Argentina calculated as of December 31, 2019. The report only addresses the company’s producing assets in Argentina and does not address its other assets in the US and Paraguay.
P14
w w w. N E W S B A S E . c o m
Week 04 30•January•2020