Page 13 - LatAmOil Week 03 2020

LatAmOil
NEWS IN BRIEF
LatAmOil
UPSTREAM
Touchstone announces
update on Cascadura-1ST1
well testing
Touchstone Exploration recorded positive initial test results from a well in Trinidad and Tobago and said it was bringing in more equipment to measure high volumes of both natural gas and liquids.
An initial test interval at the Cascadura-1ST1 well on the Ortoire exploration block evaluated the lowermost 162 foot pay interval between 6,056 and 6,218 feet. Significant pressures and natural gas volumes were encountered, prompt- ing the company to suspended testing to bring in more appropriate equipment.
“This is the best possible outcome for the initial test results from the Cascadura well, as natural gas and liquids have superior economic value under the Trinidad fiscal regime,” chief executive Paul R. Baay said. “Based on the infor- mation acquired while drilling, the thick sand we encountered in the well appeared to contain oil with some associated gas. It is now evident that it is likely a liquids rich gas structure. Given this is only the lowermost 162 feet of pay in the well, these initial results are extremely encouraging.” Touchstone Exploration, January 20 2020
Echo Energy provides
Santa Cruz Sur
operational update
Echo Energy, the Latin American focused upstream oil and gas company, has announced that the Campo Limite exploration well (CLix- 1001) in the Palermo Aike concession of Santa Cruz Sur has been drilled to a total measured depth (MD) of 2,247 metres and wireline logging has now been completed.
On the basis of encouraging initial data from drilling and logging operations, a decision has been made with the Operator, Selva Maria Oil and Gas, to move to the next stage of operations to complete and test the well.
The target Springhill Formation was encoun- tered at 2,124 metres. Initial analyses of the wireline log data have been completed and have highlighted a zone of interest comprised of fine- grained sandstones. This unit also coincided with elevated gas shows of 193,000 parts per mil- lion (ppm) against a background of 20,000 ppm.
The presence of elevated gas shows in the target section combined with wireline log data is positive and has resulted in the Company and the Operator taking the decision to move to
completion and testing. The Company cautions that completion of the well test and analyses of the results is needed to conclusively establish the presence of producible gas.
The well will be completed by the Petreven H-205 rig followed by conventional inflow test- ing with a workover rig. Mobilisation is currently being scheduled and further announcements will be made, as appropriate, in due course. Echo Energy, January 20 2020
SERVICES
EMGS issues update on
multi-year acquisition
contract with Pemex
Reference is made to the stock exchange noti- fication published by Electromagnetic Geoser- vices ASA on 4 June 2019, wherein the Company informed that it had signed a two-year acquisi- tion contract with PEMEX with a total value of approx. $73.3mn and a minimum value of approx. $29.3mn.
The Company is currently in the process of finishing all acquisition work initially ordered by PEMEX. Additional acquisition operations will thus be subject to issuance of new call-offs.
EMGS is pleased to announce that it has received a call-off for additional acquisition work. The call-off consists of deep-water acqui- sition work and has a total value of approx. $3.4mn, excluding associated processing.
Furthermore, the Company has also received a call-off covering modelling work in prepara- tion for other potential acquisition operations.
CEO of EMGS, Bjørn Petter Lindhom, com- ments: “I am very proud of the outstanding oper- ational efficiency and first-class product EMGS is delivering to PEMEX under this contract. The additional acquisition work now ordered by PEMEX is an important confirmation that we are meeting PEMEX’s expectations.”
Based on modelling work already ordered and completed, on-going discussions with PEMEX and the new modelling call-off received, the Company has reason to believe that additional acquisition work is likely to be forthcoming.
EMGS, January 22 2020
Fugro partners with
Colombian Maritime
Authority to complete
seep hunting study
Fugro and the Colombian Maritime Authority (Dirección General Maritima, DIMAR) have completed a joint environmental seep hunting study to help assess the country’s resource poten- tial in the Caribbean Sea.
The study involved shallow water seabed sed- iment coring, geochemical analyses, and seabed heat flow measurements. Fugro also provided classroom and vessel-based training to DIMAR personnel.
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