The 19D was put on production at an initial rate of approximately 1,700 barrels of oil per day (bopd) and the A-14XD at approximately 2,300bopd.

The CX11-19D well was drilled and completed into a Proved Undeveloped area of the Corvina field, targeting not only sands currently produced in other wells but also lower yet untested oil sands that turned out to be productive. The 19D well is at the present time producing from these sands.

During the drilling of this well, the Zorritos formation was encountered higher than previously mapped. The electric logs show approximately 148ft of net oil pay plus an additional 34ft of net gas pay. The company selectively perforated approximately 100ft of the total 148ft of estimated net oil pay to test the lower sands that had not previously been included in the Corvina testing program.

The 19D well is the company’s sixth oil well from the CX11 platform and was carefully evaluated prior to placing it into the ongoing production testing phase at an initial rate of approximately 1,700bopd.

Although each of the previous Corvina wells has declined differently, partly due to the fact that these wells were completed in different zones and some of the wells had mechanical problems, they all have initially shown typical solution gas drive behavior which can lead to significant declines during the first year of production before leveling off to sustainable rates.

The A-14XD well, the company’s first well in the Albacora field, was drilled, cased, tested, completed, and put on production testing before year end.

The top of the Upper Zorritos formation was found at approximately 9,300ft MD, while the bottom of the Lower Zorritos formation was found at approximately 14,450ft MD, resulting in approximately a 5,150 foot section of Upper and Lower Zorritos formation. The logs indicate the presence of multiple prospective sands throughout the entire section.

The company estimates this well has approximately 100ft of net gas pay and approximately 150ft of net oil pay, plus similar amounts of prospective pay that still require further evaluation.

The company selectively perforated one interval which accounts for approximately 80ft of the total 150ft of estimated net oil pay. The well was then completed and its initial performance will be evaluated over a period of time before a decision is made whether to perforate any of the additional net pay found in the upper oil zones.

The A-14XD has now been put on an initial six-month testing program at an initial rate of approximately 2,300bopd.

The ongoing testing program aims at determining the field’s drive mechanism, as well as a representative decline rate for this and future wells. With the drilling of the A-14XD well the cCompany complied with its previous exploration commitment under the Block Z-1 license contract, and has now entered into a new exploration period with an exploration well as commitment during this new period.

Both fields have light sweet crude oil, Corvina’s is 23 degree API while Albacora’s was found to be 37.5 degree API. Similarly, Corvina’s natural gas is basically dry, while the original drilling campaign in Albacora showed that the tested gas sands were rich in condensates.