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Re: Canacol with a very nice discovery They have a 10 year RLI. I don't see how they thought they could finance a second line to double production without the reserves to back it. That might be why they emphasized exploration drilling in 2021. The new discovery will help make the case that they can fill the line. Aguas Vivas 1 Exploration Well Tests 35.5 MMSCFPD As earlier reported, the Aguas Vivas 1 exploration well encountered 412 feet true vertical depth (“ft TVD”) of net gas pay within the Cienaga de Oro (“CDO”) sandstone reservoir, the thickest net gas pay ever encountered by the Corporation in its history. The CDO sandstone reservoir was perforated across an interval of 145 ft TVD and drill stem tested. The well flowed at a final rate of 35.5 million standard cubic feet per day (“MMscfpd”) with a flowing wellhead pressure of 1013 psi and no water after a 22 hour test period. The average flow rate achieved during the recorded test period was 17.2 MMscfpd. The well has been tied into the Jobo gas treatment facility and is on permanent production. Aguas Vivas 2 Spuds, Aguas Vivas 3 To Be Drilled Back-To-Back The Aguas Vivas 2 appraisal well was spud on June 12, 2021 and is targeting a planned total depth of approximately 8,419 ft MD within the CDO sandstone reservoir, the primary target of the well. Upon completion of the drilling operations, the Aguas Vivas 2 appraisal well will be cased and completed and the rig will be used to immediately spud the Aguas Vivas 3 appraisal well. |
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