Wednesday, May 31, 2023

Canada’s Canacol Hits Light Oil With Agueda Probe

Llanos light oil find: Canacol Energy reports LLA23 discovery. Canacol Energy

Calgary’s Canacol Energy has reported success from its re-entry and sidetrack of the Agueda 1 well in Colombia’s Lllanos Basin. The explorer said its Agueda 1 ST encountered 70 feet of light oil pay within the C7, Lower Gacheta, and Ubaque reservoirs with the LLA23 area probe.

Chief executive Charle Gamba said the find “sets up the potential to access meaningful near-term light oil production and cash flow from the LLA 23 contract”.

He added that the explorer would now move to permit and drill five more identified targets within LLA23 from the same seismic data next year.

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The re-entry had targeted structures up-dip of the original 2007 well that were identified by newly acquired 3D seismic data on the prospect, Canacol Energy said.

The find lies around five kilometres north of Canacol Energy’s producing Rancho Hermoso field.

After perforation and testing, the Lower Gacheta interval yielded a gross production rate of 1832 barrels of oil per day of 28 degrees API oil, 43,000 cubic feet per day of gas and a gas/oil ratio of 24 standard cubic feet per barrel of oil in a 48-hour test.

The Toronto- and Colombia-listed explorer plans further test production on the Lower Gacheta and testing of the Ubaque reservoir before completing the well and sinking further devolopment wells on the find.

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