Last Trade 0.16 CAD | Change +0.02
Los Ocarros Block (50% Working Interest) - January 20, 2014 - the La Guira-2 appraisal well, located on the Los Ocarros Block, has been cased for testing.
After the La Guira-2 appraisal well reached its target depth of 12,600 feet the well was logged and the decision was made to case the well for testing. Testing will be performed on the Mirador and Gacheta Formations using a work-over rig and will commence once the rig is secured and on site
El Eden Block (40% Working Interest) - January 9, 2014 - Two new discoveries:
- La Casona-2 discovered light 47 degree API oil in the Mirador Formation, testing at rates of 545 barrels of oil per day (“bopd”) and 3.6 million standard cubic feet per day (“MMscfd”) of gas on a restricted choke;
- Rumi-1 discovered 15.5 degree API oil in the Une Formation, testing approximately 1,000 bopd under natural flow conditions
El Eden Block (40% Working Interest) - December 11, 2013 - La Casona Discovery, The La Casona long-term test facility commenced production operations on December 2, 2013, with La Casona-1 producing at restricted rates of approximately 350 barrels of oil per day (“bopd”) and 1.5 million cubic feet per day (“MMCFD”) of gas from the Une Formation. The produced gas is being compressed and sold and the rate will be restricted until trucking at the gas compression plant has been optimized.
Los Ocarros Block (50% Working Interest) - November 13, 2013 - La Guira-1 Light Oil Discovery -The La Guira-1 exploration well on the La Guira prospect was spud on October 9, 2013 and drilled to a total depth of 12,500 feet. The well encountered 11 feet of net pay in the Mirador Formation, which was flow tested on a fully open choke for a period of 24.5 hours. The well started producing under natural flow at rates of approximately 1,000 bopd of light 37.5 degree API oil with a water cut of 20% during the first hour of testing. As testing continued, the water cut progressively increased to more than 50% and as a result the well ceased flowing naturally. The final water cut measured at the end of the test was 34% and a total of 206 barrels of oil and 162 barrels of water were recovered from the test. Petroamerica plans to produce this using an electro-submersible pump to provide artificial lift, and the well is expected to be tied back via a 7 kilometer flow line to the Las Maracas central production facility