The corporation has an 80% operated working interest in the LLA23 contract, with Petromont Colombia S.A. Sucursal Colombia holding the remaining 20% interest. As previously reported, the Leono 2 well encountered 121 feet (ft) of net oil pay in four separate reservoirs, and tested at a gross rate of 1,328 barrels of oil per day (bopd) (1,062bopd net) in the C7 reservoir.
The Leono 2 well was spud on January 11, 2014 and reached a total depth of 12,610 feet measured depth (ft md) on January 26, 2014 with strong oil and gas shows encountered while drilling through the primary reservoir targets.
The well encountered 121ft of net oil pay in the following reservoirs: 10ft of net oil pay within the C7 reservoir with an average porosity of 19%, 60ft of net oil pay within the Barco reservoir with an average porosity of 18%, 26ft of net oil pay within the Gacheta reservoir with an average porosity of 24%, and 25ft of net oil pay within the Ubaque reservoir with an average porosity of 19%.
The Barco reservoir was perforated from 10,974 – 10,979 ft md and flowed at a stable gross rate of 3,007 barrels of oil per day (bopd) (2,406bopd net) of 37° API oil and 14,000 standard cubic feet of gas at150° F with 3% water cut using an electro-submersible pump set to a frequency of 37 hertz.
Water cut fell throughout the course of the test and management believes the produced water to be related to completion fluids used to the drill the well.
The corporation plans to leave the well on production from the Barco, subject to the approval of the Agencia Nacional de Hidrocarburos. The corporation plans to commence drilling of the Pantro 1 exploration well located approximately 2km to the south of the Leono discovery.
Pantro 1 is anticipated to spud in mid-March 2014, and will take approximately 6 weeks to drill, complete, and production test. Upon completion of the Pantro 1 exploration well, the corporation plans to drill the first of three additional appraisal wells at Leono starting in late April, 2014, followed by the drilling of the Tigro 1 exploration well located approximately 2 km to the south of the Pantro 1 exploration well this coming summer.
