Page 14 - LatAmOil Week 15 2021

LatAmOil NEWS IN BRIEF LatAmOil

The well is currently shut-in for an extended LB-1002 at the Las Bases field, Rio Negro, Argen- continues in the Estancia Vieja field and further
pressure build-up survey for a minimum of four tina has been successfully and safely drilled to announcements will be made in due course. All
weeks to identify possible formation boundaries. the target depth of 1,302 metres, logged and other material workstreams including but with-
Touchstone will not conduct further testing of cased on time and budget. The well unexpect- out limitation Salta, the treatment plan and Par-
the well and intends producing the well concur- edly encountered certain swelling shales when aguay farm-out are on track and proceeding in
rently with Cascadura-1ST1. drilling which affected progress downhole but accordance with expectations.”
James Shipka, Chief Operating Officer, com- these issues were successfully overcome and President Energy, April 12 2021
mented: “The exceptional performance noted caused no difficulty in running the pre-drill
during Cascadura Deep-1 well testing rein- designed slim hole casing.
forces the geological concept of multiple stacked, The electric logs aligned with the mud logs, PERFORMANCE
independent hydrocarbon charged horizons in holding no surprises, and identify a total of
the Herrera turbidite fairway. We will not be approximately 7 metres (23 feet) of net gas pay Gran Tierra Energy provides
conducting any up-hole testing in the well, as in one contiguous sandstone interval of good
we do not want to interrupt this interval at the permeability and porosity (the latter being esti- update on operational and
risk of damaging the reservoir with water-based mated at 20-25%) in the Centenario formation
fluids. The data collected in this flow test indi- which was President’s target. The results support financial performance
cates that sheet four is separate from sheet three, President’s pre-drill projection of an initial pro-
where production is expected from the Casca- duction of some 40,000 cubic metres per day Gran Tierra Energy has announced an opera-
dura-1ST1 well. There remains an additional (1.4 mcf per day or circa 230 boepd) which is tions and financial update.
558 feet of potential pay above the tested zone subject to the forthcoming testing. The well will 2021 Production Guidance: Based on the
in sheet three which can be evaluated in future be completed during this month using a coiled Company’s significant progress in increasing
development wells.” tubing unit which will be mobilised to site within production during and subsequent to the first
Extension of Lease Operatorship Agree- approximately the next 14 days, with the well quarter of 2021, Gran Tierra reaffirms its 2021
ments: Touchstone has further extended the projected to be on production by the end of this full-year production guidance of 28,000-30,000
term of its Lease Operatorship Agreements month. As previously announced, once Presi- bpd.
(LOAs) with Heritage for its Coora-1, Coora-2, dent has reviewed the initial production data, a Credit Facility and Cash Balances: As of
WD-4 and WD-8 blocks to April 30, 2021. The decision will be then made as to future drilling in March 31, 2021, the Company had paid down
LOAs were originally set to expire on December the Las Bases field. its credit facility balance by $10mn to $180mn
31, 2020 and were previously extended to March In the meantime, the rig is being moved and had increased its cash and cash equivalents
31, 2021. The LOAs remain under existing terms (Drilling-Transport-Mobilisation, or DTM) to balance to $20mn, compared to a credit facility
and conditions while Heritage progresses on reg- the next well EV-1001 at the Estancia Vieja field, balance of $190mn and cash and cash equiva-
ulatory approvals regarding new 10-year LOAs Rio Negro Province. This will take some five to lents balance of $14mn as of December 31, 2020.
for each property. six days with spudding of this well expected to Acordionero Oilfield (100% WI): Utilising 2
Touchstone Exploration, April 12 2021 take place within the next 10 days. The subse- workover rigs, Gran Tierra continues to work-
quent well, EV-1002, is also at the Estancia Vieja over wells that went off line in 2020, which the
President Energy announces field and accordingly the DTM to that well will Company decided not to workover at that time
due to low oil prices; during the current work-
be faster.
drilling success at LB-1002 in “Whilst downhole the well was a tad trickier decreased 28% from 2019.
Peter Levine, Chairman, commented: over campaign, the average workover cost has
the Las Bases field than expected, the new well LB-1002 was drilled, The development drilling rig has also
logged and cased on time and budget. It’s very remained active since starting on November 30,
AIM-listed President Energy, the energy com- much step by step but it’s good to get the first 2020, drilling both producers and injectors; the
pany with a diverse portfolio of production and well of the programme drilled successfully and average cost per well has decreased 36% since
exploration assets focused primarily in South under our belt. We now move to the completion 2019; the AC-75 well achieved a new record
America, has provided an operational update and the test of initial production with all present cycle time from spud to on-production of 10.6
with regard to the newly drilled well LB-1002 indications together with analogue well com- days, at a total cost of $1.9mn.
at the Las Bases field, Rio Negro Province, parison supporting our pre-drill production The combination of the workover and drill-
Argentina. estimates of volumes. ing programmes has resulted in Acordionero’s
Drilling programme Rio Negro: The new well “Our drilling programme in Argentina current average production of 16,400 bpd, with
approximately 700 bpd of additional production
to be added from existing wells; Gran Tierra also
plans to drill and complete an additional three to
five wells and bring them on production during
the second quarter of 2021.
Acordionero’s current average production
is the highest level achieved since September
2019; Gran Tierra believes its prudent reser-
voir management of Acordionero’s waterflood
has allowed the Company to restore this field’s
production to a level last achieved more than 18
months ago, which strongly demonstrates the
effectiveness of the waterflood.

P14 www. NEWSBASE .com Week 15 15•April•2021