$Colombia and Latin America
Re: CNE hits- oops!
My comments in red below. The most challenging thing is the lazy conflating of the terms Gas Column with Gross Gas Pay? They are not the same thing. Gas column is merely connected gas porosity height above and computed or visible gas/water contact depth. Gross Gas Pay is actual sand thickness with gas bearing porosity - including some tight low porosity intervals and some shaly intervals that don't meet Net Pay cut off criteria. The estimated Gas Columns used here are identical in vertical thickness to what they are calling Gross Gas Pay and so they may just be guilty of sloppiness here? However neither measure gives any clue as to Net Productive Sand Pay? And they notably fail to give any sand body counts anywhere? One sand, two sands, three sands, dozens of sand, hundreds of sands? Whenever i come across such deliberately (?) obtuse and obscure descriptions it makes me suspicious. (Right up there with "Pleased to announce." Or "Working hydrocarbon system." Even "Estimated Resources in Place..."
CALGARY, Alberta, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide details on the following three discoveries, as well as information concerning its near term drilling programs.
Saxofon 1 – Encounters 338 feet of gross gas pay (From this they are equating the total summed gas column with actual Gross computed gas pay?) within the Porquero and CDO reservoirs
The Corporation commenced the drilling of the Saxofon 1 exploration well on December 2, 2022 on its 100% operated VIM5 Exploration and Production (“E&P”) contract located in the Lower Magdalena Basin. The well reached a total depth of 9,416 feet measured depth (“ft md”) on January 7, 2023 and encountered a gross gas column of 290 feet true vertical depth (“ft tvd”) (A 290 foot gas column is not to be sneezed at - but that gives absolutely no idea of the actual net porous sand thicknesses?) within the Porquero sandstone reservoir between depths of 4,385 and 4,675 ft md, and a gross gas column of 48 ft tvd within the primary Cienaga de Oro (“CDO”) sandstone reservoir between 7,560 and 7,608 ft md.
The gas bearing reservoirs encountered within the Porquero sandstone display average porosity of 26 %, (26% average porosity is fantastic) while those within the CDO sandstone display average porosity of 16 %. (A 16% average porosity is OK for a dry gas reservoir - however again we do not know just how thick the net clean porous sand units might be? A 48 foot gas column does not mean the same thing as 48 feet of continuous, porous, gas bearing sand. It just means that there is 48 feet from the top of the gas bearing sand to what is assumed to be some gas/water contact.)
The well is currently being cased, and the Corporation is planning to mobilize a workover rig to complete and test the CDO. The development plan for Saxofon will include the drilling of additional appraisal and development wells once a new 3D seismic survey has been acquired over that area of the block in late 2023.
The Corporation will provide production test results when they become available.
Dividivi 1 – Encounters 89 feet of gross gas pay (again equating gas column with gross gas pay?) within the CDO and Cicuco reservoirs
The Corporation commenced the drilling of the Dividivi 1 exploration well on December 20, 2022 on its 100% operated VIM33 E&P contract located in the Lower Magdalena Basin. The well reached a total depth of 4,692 ft md on January 2, 2023 and encountered a gross gas column of 89 ft tvd within the primary CDO sandstone and Cicuco limestone reservoirs between depths of 2,184 and 2,273 ft md. The gas bearing reservoirs have average porosity of 27 %.
The Corporation is currently executing a flow test of the well in order to formulate a commercial development plan for the discovery. The discovery is located approximately 35 kilometers to the west of the TGI gas pipeline which currently has approximately 260 MMscfpd of spare transportation capacity into the interior of Colombia. (So they will need to build a connecting pipeline and a gas processing - liquids knock out - facility. They will need to drill some more wells here to prove up size.)
The Corporation will provide production test results when they become available.
Chimela 1 – Encounters 85 feet of net oil and gas pay (OK - we are dealing with multiple Lisama sands here with the key sand being the Basal Lisama) within the Lisama reservoir
The Corporation commenced the drilling of the Chimela 1 exploration well on November 13, 2022 on its 100% operated VMM45 E&P contract located in the Middle Magdalena Basin. The well reached a total depth of 14,101 ft md on December 16, 2022, and encountered multiple zones of oil and gas pay within the primary Upper Lisama and Basal Lisama sandstone reservoirs between depths of 12,410 and 13,694 ft md. (This is pretty damn deep! ~3,900-4,300m. Hence the really low average porosity values.)
The oil bearing reservoirs encountered within the Basal Lisama were encountered between 13,004 and 13,694 ft md with individual oil filled sands between 8 and 20 ft tvd in thickness, with average porosity of 14 %. The gas bearing reservoir within the Upper Lisama is 9 ft tvd thick, with an average porosity of 10 %.
(That 9 feet of gas bearing Upper Lisama sand is likely a fluvial channel sand - the reserves might be very limited at 10% porosity? The Basal Lisama sands are not quantified only stated as being between 8-20 feet thick and with average porosity of 14%. This could comprise all kinds of interesting river channel sand bodies and more extensive actual basal sands? My understanding of the oil is that it is heavy and that makes that 14% average porosity concerning? For very light oil - no worries. The heavier the API of the oil - the worse it gets for flow. That 700 feet could have dozens of sand bodies - or just three or four? Here it really would have been useful to get a sand count plus a maximum porosity as well as an average? Exploiting these Lisama sands seems problematic and with those porosity values I'm thinking horizontal well completion - but this is already some 4,300m deep!!!)
In the offshore in the Gulf of Thailand Khmer Basin - Chevron has some excellent porosity and permeability curves verses depth profiles for the 18 wells they drilled between 2002 and 2014 when they sold their interest to Kris Energy. (A minor partner) These porosity verses depth and permeability verses depth are instructive and Chevron basically concluded that anything below around 9,000 feet (2,800m) was not worth chasing. (The sediments here in the Gulf are Oligocene and Miocene age - kind of similar in both age and setting to the Middle Magdalena valley sediments which are Uppermost Cretaceous to Early Tertiary.)
The Corporation is currently demobilizing the drilling rig and is preparing to mobilize a workover rig to complete and production test the well and will provide results when they become available.
Natilla 1 – Sidetracking
The Corporation spud the Natilla 1 exploration well located on its 50% operated working interest SSJN 7 E&P contract on December 1, 2022. Natilla 1 is targeting gas bearing sandstones within the CDO and Porquero sandstone reservoirs. The well drilled to a depth of 11,848 ft md within the Porquero sandstone interval, the secondary target of the well, prior to encountering drilling related problems. The well is currently being sidetracked and the Corporation anticipates to reach planned total depth of 16,609 ft MD within the primary CDO sandstone target within 6 weeks.
(OK - the Porquero sands are already deep (I note that no fluid or porosity information is given?) and so the CDO Sands must be really deep if they are planning upon drilling down to 16,609 feet (~5,200m) At that kind of depth we are looking at a porosity range of 8-12% - and that is getting tight, tight, tight even for gas - unless there are mitigating fracture plumbing indications?)
Near term drilling program
The Corporation plans to spud the Lulo 1 exploration well located on its 100% working operated interest Esperanza Exploration and Exploitation contract in mid March 2023. The Lulo 1 well is located less than 1 kilometer to the east of the Jobo production facility and is targeting gas bearing sandstones of the CDO sandstone reservoir. The well is anticipated to take 4 weeks to drill and complete.
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|Msg #||Subject||Author||Recs||Date Posted|
|15538||Re: CNE hits- oops!||Public_Heel||1||1/25/2023 3:44:58 PM|
|15541||Re: CNE hits- oops!||tigris72poo||2||1/25/2023 4:27:40 PM|