Labrador 5 well, which was spud on September 10, 2013, encountered 55ft of net oil pay in different reservoirs.
The well encountered 13 ft of net pay within the C7 reservoir with an average porosity of 18%, while 42 ft of net oil pay within the middle and lower Gacheta reservoirs, which includes an average porosity of 16%.
The Middle Gacheta reservoir was perforated from10,514ft to 10,522ft, which produced about 778 barrels of oil per day (bopd) with 33° API.
Currently, the well has been placed on production, and the company plans to keep the well on long term production test, which is subject to approval from the ANH.
Canacol plans to drill Labrador 4 well in the first quarter of 2014, based on the results of Labrador 5 well, while the drilling rig used for Labrador 5 is currently being moved to the northern part of the LLA23 contract to spud the Leono 1 exploration well.
Canacol subsidiary Canacol Energy Colombia owns 80% interest in the LLA23 contract and the remaining 20% stake is owned by Petrolera Monterrico Sucursal Colombia.
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