Page 14 - LatAmOil Week 25 2021

LatAmOil NEWS IN BRIEF LatAmOil

UPSTREAM data from Heritage, we plan to delineate a Coora June 12, 2021, and is targeting a planned total
Herrera turbidite trend for future exploitation. depth of approximately 8,419 feet (2,566 metres)
Touchstone executes In addition, the agreements will permit us to MD within the CDO sandstone reservoir, the
target zero effluent discharge by the end of 2021, primary target of the well. Upon completion
10-year lease operatorship which is a major Company-wide environmen- of the drilling operations, the Aguas Vivas 2
tal initiative in our continued efforts to signifi-
appraisal well will be cased and completed and
agreements cantly reduce the environmental footprint of our the rig will be used to immediately spud the
Aguas Vivas 3 appraisal well.
operations.
Touchstone Exploration has executed 10-year “We would also like to thank Heritage for The Corporation will provide an update
Lease Operatorship Agreements (LOAs) with engaging in collaborative renewal negotiations, on drilling and testing results as they become
Heritage Petroleum for its CO-1, CO-2, WD-4 and we look forward to continuing to work available.
and WD-8 Blocks effective January 1, 2021. The together as partners in the years to come.” Canacol Energy, June 21 2021
LOAs governing the Company’s core legacy Touchstone Exploration, June 22 2021
oil producing properties expire December 31, Challenger Energy provides
2030, and were renewed under substantially Canacol tests Aguas
similar terms to the previous arrangements. In update on Saffron-2
conjunction with the execution of the LOAs, the Vivas 1 well, spuds first
Company’s Board of Directors has approved the secondary reservoir target
drilling of one well on each Block in the second of two appraisal wells
half of 2021. AIM-listed Challenger Energy, the Caribbean-
Paul Baay, President and CEO, commented: Canacol Energy is pleased to provide the follow- and Atlantic margin focused oil and gas com-
“Our suite of mature crude oil assets contin- ing update concerning its Aguas Vivas 1 explo- pany with production, appraisal, development
ues to provide consistent and predictable base ration well and the near term appraisal drilling and exploration assets across the region, has pro-
petroleum revenue as we expand our opera- programme. The Corporation also provides vided an update on the progress of the Saffron-2
tions in Trinidad on the Ortoire exploration information on its dividend programme. appraisal well, targeting the Upper, Middle and
property. With the recovery of world oil prices, As earlier reported, the Aguas Vivas 1 explo- Lower Cruse reservoirs with an expectation
we are focusing on optimising these mature ration well encountered 412 feet (125.6 metres) (based upon the Saffron-1 discovery well) of
assets through well recompletion and workover true vertical depth (TVD) of net gas pay within production rates in the range of 200 - 300 bpd.
operations. the Cienaga de Oro (CDO) sandstone reservoir, Highlights: Initial third-party petrophys-
“The new arrangements present an oppor- the thickest net gas pay ever encountered by the ical analysis of logs from the secondary res-
tunity for us to drill additional wells in the sec- Corporation in its history. ervoir targets of the Upper and Middle Cruse
ond half of 2021, with the expectation that any The CDO sandstone reservoir was perforated sections of the well indicate approximately 165
increase in production will decrease overall roy- across an interval of 145 feet (44.2 metres) TVD feet (50.3 metres) of net-oil bearing reservoir
alties under the revised fiscal structure. We have and drill stem tested. The well flowed at a final sands. Drilling continues towards the primary
budgeted to drill four wells on the Blocks prior to rate of 35.5mn cubic feet (1.005mn cubic metres) Lower Cruse reservoir targets, with the well cur-
the end of the year at an average cost of $1mn per per day with a flowing wellhead pressure of 1,013 rently drilling at approximately 3,850 feet (1,173
well and expect to utilise the new drilling equip- psi and no water after a 22-hour test period. The metres) against a target depth of 4,557 feet (1,389
ment that we have contracted onto the island to average flow rate achieved during the recorded metres). The well remains on-track for comple-
perform the drilling operations. test period was 17.2 mcf (487,100 cubic metres) tion around June 23, 2021, with production test-
“The long-term agreements will also allow per day. The well has been tied into the Jobo ing thereafter scheduled for mid-July.
us to evaluate deeper exploration opportunities gas treatment facility and is on permanent Eytan Uliel, CEO, commented: “Initial petro-
which we have identified on our CO-1 and CO-2 production. physical analysis of the top two sections of the
Blocks. With legacy wells and new 3D seismic The Aguas Vivas 2 appraisal well was spud on Saffron-2 well indicates 165 feet of net oil-bear-
ing reservoir sands. Whilst these sections are not
the primary targets of the well, it is encouraging
that the well has already demonstrated produc-
tion potential. Drilling continues towards the
primary Lower Cruse reservoir targets, where
the ultimate producibility of the well will be
determined. I look forward to advising further
on completion of drilling.”
The Saffron-2 well (100% interest) is a twin
well to the Saffron-1 discovery well (that is,
drilled from the same well pad) with a target
depth 4,557 feet (1,389 metres). The currently
drilled sections of the well, to 3,870 feet (1,173
metres), assessed sands of the Upper Cruse and
upper parts of the Middle Cruse (both the source
of consistent oil production from Saffron-1), as
well as assessing deeper Middle Cruse sands
(hydrocarbons intersected, but not logged or
produced from Saffron-1).

P14 www. NEWSBASE .com Week 25 24•June•2021