Page 15 - LatAmOil Week 11 2023

LatAmOil NEWS IN BRIEF LatAmOil

Social Trust Modification in License Contract
Formally Approved: The Company is pleased to
announce the publication of the Supreme Decree
signed by Peru’s President authorising Perupetro
to execute the amendment incorporating the
2.5% Social Trust Fund to the Block 95 License
Contract. The social trust still requires its bylaws
to be approved by the working table participants,
which is estimated to occur in April 2023. Since
January 2022, the Company has segregated con-
tributions for the fund based on the underlying
rules and objectives of the social trust, which will
fund important social projects in the Puinahua
district. PetroTal’s social trust vision has received
overwhelming support from government offi-
cials, industry sector leaders, and local commu-
nities for its potential to change the operating
landscape in Peru, including its important min- thicknesses are not necessarily indicative of likely to last a few days, output from the two
ing sector. long-term performance or ultimate recovery. Patola wells is expected to stabilise at approxi-
TSX Venture Exchange Recognition: The It is expected that the RCE-4 well will begin mately 10,000-15,000 bpd of oil, taking total
2023 TSX Venture 50 is an annual programme production in late March 2023. The rig will then production from BM-S-40 to more than 30,000
of the TSX Venture Exchange that recognises be moved to the RCE-5 location with the inten- bpd of oil, prior to natural decline commenc-
the top performing TSXV-listed companies tion that RCE-5 will spud within a few days of ing. Depending on the reservoir and aquifer
from five industry sectors. The 2023 winners are RCE-4 being brought on production. response, one of the two production wells may
selected based on 2022 annual performance for RCE-3 update: RCE-3 continues to flow nat- be switched to water injection in the future, while
market capitalisation and growth, share price urally at 650 bpd of oil gross with no pressure any associated gas production from Patola will
appreciation and trading volume. In addition to drop and zero water cut. We anticipate activating be reinjected into the Baúna reservoir through
ranking 4th in the energy industry sector, Petro- the submersible pump to increase production on the SPS-89 gas injection well.
Tal was also the 4th ranked Company based on a measured conservative basis to achieve balance The Patola field was discovered in 2011 by
market capitalisation amongst the TSX Venture between maximum production and ultimate Petrobras with the SPS-91 exploration well,
50 companies, showcasing the natural progres- recoverable reserves. The same incremental which encountered 38 degrees API oil in the
sion of PetroTal’s recent graduation to the TSX. approach will be applied to RCE-4 and RCE-5. same Oligocene turbidite sandstones found in
This is PetroTal’s second consecutive year as Capella field update: Meetings have pro- nearby Baúna and Piracaba, with similar petro-
a recognised top 50 issuer and a video featuring gressed between the government, protesters and physical properties. The field lies in a water depth
PetroTal can be found at the link below along operator regarding the Capella field in the Ombu of approximately 280 metres. In June 2021, eight
with additional information from the full 2023 block. The government has agreed to some of the months after acquiring the BM-S-40 assets from
Venture 50 ranking: demands of the protesters and is reviewing other Petrobras, Karoon announced its decision to
PetroTal, 09 March 2023 requests. Protesters have been leaving the area. proceed with the development of Patola.
The Capella field continues to be shut in and is Due to better reservoir quality than expected
currently protected by the Colombia military. at both the PAT-1 and PAT-2 well locations,
PROJECTS & COMPANIES Arrow hopes for a safe and quick resolution and Proven and Probable (2P) Reserves at Patola
return to operations. were upgraded by 1.7mn barrels to 16.4mn bar-
Arrow Exploration reaches Arrow Exploration, 13 March 2023 rels as at December 31, 2021.
Karoon Energy, 15 March 2023
target depth at RCE-4 well Karoon achieves first

Arrow Exploration has provided an update on production from Patola at Karoon Energy drills
the drilling activity at Rio Cravo Este (RCE) on successful second control
the Tapir Block in the Llanos Basin of Colombia. rates above expectations
RCE-4 update: The RCE-4 well was spud well at Neon discovery in
on March 1, 2023, and reached total depth on Karoon has advised that the PAT-2 well, one of
March 8, 2023. RCE-4 is located within the RCE two new production wells drilled into the Patola Santos basin
oil field on the Tapir Block in the Llanos Basin of field in the BM-S-40 production license in Brazil
Colombia. The well was drilled to a total meas- (Karoon: 100%), came onstream on March 15, Karoon reports that the Neon-2 (9-NEO-2D-
ured depth of 8,546 feet (8,053 feet true vertical 2023, at a rate of 12,000-14,000 bpd of oil. This SPS) control well reached a final total depth of
depth) and encountered six hydrocarbon bear- followed the installation of a subsea flowline and 2,357 metres Measured Depth (MD) on 7 March
ing intervals totaling 45 net feet of oil pay (meas- umbilical connecting the well to the Cidade de 2023. The well was spudded to the northeast of
ured depth). Itajaí FPSO and the completion of well and infra- the Echidna-1 discovery well, with the lower sec-
The following hydrocarbon bearing inter- structure commissioning activities. Production tion deviated to the west to intersect the target
vals have been identified: Carbonera C7 (25 feet from the second well, PAT-1, is expected to com- zones some 1.3 km north of Echidna-1. Wire-
net oil pay over two intervals); Lower Gacheta mence by the end of March 2023. line logging of the target sections is presently
(20 feet net oil pay over four intervals). Interval After an initial period of flush production, underway.

Week 11 15•March•2023 www. NEWSBASE .com P15