Showing posts with label 042 BOEPD. Show all posts
Showing posts with label 042 BOEPD. Show all posts

Wednesday, July 8, 2015

Canacol Vitality Ltd. gives creation and operations overhaul and records June 2015 way out rate of 12,042 BOEPD

Canacol Vitality Ltd. gives creation and operations overhaul and records June 2015 way out rate of 12,042 BOEPD

Wednesday, Jul 08, 2015

Canacol Vitality Ltd. is satisfied to give the accompanying upgrade concerning its creation and boring operations. Normal net generation before sovereignties for the period April 1 to June 30, 2015 was 9,970 barrels of oil comparable every day ("boepd"), which comprised of 5,515 barrels of oil for each day ("bopd") and 25 million standard cubic feet for each day ("mmscfpd") (4,455 boepd) of characteristic gas. Normal corporate net generation before sovereignties for the period January 1 to Walk 31 2015 was 10,950 boepd which comprised of 7,448 bopd and 20 mmscfpd (3,502 boepd) of common gas. The Enterprise has penetrated no new generation wells for the period January 1 to June 30, 2015.

Gas creation for the month of April 2015 was impeded by a 2 week strike at the Cerro Matoso mine, one of the Partnership's primary gas purchasers. Creation recuperated in May 2015 with net before eminence generation for the period May 1 to May 31 2015 of 10,233 boepd, which comprised of 5,874 bopd and 25 mmscfpd (4,359 boepd) of normal gas. Creation in June 2015 kept on building, with net before sovereignty generation for the period June 1 to June 30, 2015 of 11,056 boepd, which comprised of 6,291 bopd and 27 mmscfpd (4,762 boepd) of regular gas. The Organization left June 2015 with net generation before sovereignties of 12,042 boepd, which comprised of 7,758 bopd and 24 mmscfpd (4,284 boepd) of common gas, its most elevated creation level subsequent to the quarter finished September 30, 2014 notwithstanding not having spent any cashflow to bore new delivering wells in datebook 2015. The increment underway for the months of May and June 2015 was identified with both expanded regular gas deals by means of new interruptible gas deals contracts into the nearby market, and to the positive results from the workover system being executed on the LLA23 light oil square. Starting July 7, 2015, three of the five arranged workovers on the LLA23 square have been finished, with the staying two planned for culmination before the end of July 2015.

The Organization additionally reports that the adjustment to the natural license for the Promigas pipeline circle is expected to be allowed preceding July 17, 2015, and that Promigas foresees finishing the development before December 1, 2015. Canacol will expand characteristic gas generation by more or less 65 mmscfpd beginning December 1, 2015 by means of new deals contracts.

Penetrating Operations

The Organization is wanting to begin evaluation penetrating action at its Clarinete common gas revelation situated on the VIM5 contract in the Lower Magdalena Bowl in which Canacol has a 100% worked working hobby. The Clarinete revelation contains 150 billion cubic feet ("bcf") of net before eminence 2P characteristic gas holds and 209 bcf of net before sovereignty best gauge planned regular gas asset, according to a third gathering stores reports finished in February 2015. The essential target of the 2 well evaluation project is to demonstrate up the 209 bcf of net before sovereignty best gauge imminent common gas asset connected with the Clarinete revelation preceding executing new deals contracts and commercializing this disclosure. The Enterprise arrangements to spud the first examination well, Clarinete 2, in late July 2015. The well is focusing on the same repositories that tried a gross rate of 42 mmscfpd of dry regular gas from 2 different beneficial interims inside of the Tertiary Cienaga de Oro Arrangement. The Clarinete 2 well is found pretty nearly 1.5 kilometers ("kms") toward the west of the Clarinete 1 well, and is foreseen to take give or take 5 weeks to penetrate and creation test. Endless supply of the boring and testing operations at Clarinete 2, the apparatus will be prepared to spud the second examination well, Oboe 1, found pretty nearly 3 kms toward the north of the Clarinete 1 well. The Oboe 1 well will likewise take pretty nearly 5 weeks to penetrate and test, with an activation time of roughly 2 weeks from the Clarinete 2 area.

On the Libertador concession in Ecuador the Partnership is taking an interest at its 25% non-worked working enthusiasm for investigation well SCOA-001. The well was spud on June 22, 2015, and the present operation is get ready to run 9 5/8" moderate packaging at 9,260 feet. Expected aggregate profundity of the well is 9,782 feet. The well is focusing on the set up "T" and "U" sandstone repositories in an all around characterized blamed 3-way anticlinal conclusion found instantly toward the west of the creating Libertador field.

The Enterprise is wanting to spud the Pumara 1 investigation well on the LLA23 piece, where Canacol holds a 90% worked working enthusiasm, in October 2015. The Pumara prospect is situated in the middle of the Maltes and Tigro light oil revelations made in 2014, and is one of a few new prospects recognized on the new 3D seismic procured before in 2015. Administration evaluates that the Pumara prospect is pretty nearly the same size as its Labrador light oil revelation made in 2012, more or less 5 million barrels of extreme recoverable oil as per the Company's stores reviewers. The Pumara 1 well will focus on the same creating stores experienced in the other 5 revelations that the Enterprise has made on the square to date.

Operations Overhaul

The Organization has finished the centralization of all creation offices on its LLA23 hinder at the Pointer cushion, the target of which was to dispense with the moderately high cost impermanent generation offices situated at each of its 5 delivering oil fields on the square, bringing about lower field working cost. The task incorporated the laying of a 28 kilometer 25,000 bfpd stream line interfacing the greater part of the delivering fields, the change of the Pointer 1 well to a water transfer well, the development of perpetual water isolating and raw petroleum stacking offices at Pointer, and the establishment of gas let go power era to give power to the majority of the wells and to the offices. The Enterprise has now discharged the greater part of the makeshift creation offices alongside diesel controlled generators with coming about field working cost now assessed at more or less US$ 11/bbl, contrasted with US$ 19.17/bbl reported for the quarter finishing December 31, 2014, a 40% decrease. Every new discoverie, including Pumara 1 if it demonstrate fruitful, can be quickly tied into the current stream line.

The Company will give redesigns when significant data gets to be accessible.

Canacol is an investigation and generation organization with operations concentrated in Colombia and Ecuador. The Company's basic stock exchanges on the Toronto Stock Trade, the OTCQX in the United Conditions of America, and the Colombia Stock Trade under ticker image CNE, CNNEF, and CNE.C, individually.

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