Suroco announce exploration drilling in the Putumayo 2 Block
Suroco Energy Inc. (TSX Venture Exchange: SRN) (the “Corporation”) is pleased to announce that drilling of the first exploration well in the Putumayo 2 Block has commenced.
Alastair Hill, the Corporation’s President and CEO commented, “We are very excited to have commenced drilling this large and well-defined exploration prospect which is located in the vicinity of several producing oilfields. We expect the Villeta reservoirs to be well developed at this location and in the event of success there are other similar-looking features, at least one of which could be tested from the same pad.”
Canelo Sur 2 Exploration Well – Putumayo 2 Block
The Canelo Sur 2 well spudded on October 26 and will be drilled to a total depth of 10,300 feet with drilling operations expected to take approximately 45 days. This is the first well drilled on the Putumayo 2 Block and it is targeting multiple potential reservoir zones of the Villeta Formation in a large four-way dip closed structural feature that is well imaged on high quality 3D seismic. The well is being drilled on a surface pad from which up to three wells could be drilled in the event of success.
In July 2013, the Corporation acquired a 25% economic interest in the Putumayo 2 Block from PetroNova Inc.’s wholly owned subsidiary, PetroNova Colombia Inc. (“PetroNova”). The Corporation and PetroNova have made application to the Agencia Nacional de Hidrocarburos of Colombia (“ANH”) for its approval of the conversion of the Corporation’s 25% economic interest in the Putumayo 2 Block to a full 25% undivided working interest in the Putumayo 2 Block.
The Putumayo 2 Block is operated by PetroNova, who hold the remaining 75% interest. The Putumayo 2 Block was awarded by the ANH in 2008 and 3D seismic was acquired in 2011.
Drilling Update – Suroriente Block
In the Suroriente Block, the Quinde-2 well commenced drilling on October 14, 2013. The well has a planned total depth of 10,200 feet and is targeting multiple reservoir objectives in the Villeta Formation. Drilling is expected to take approximately 30 days. In the event of success at the Quinde-2 location, the drilling rig may be moved on the same surface pad to enable drilling of another Quinde appraisal well.
As previously disclosed in the Corporation’s news release of August 27th 2013, The Pinuna-7 well reached total measured depth of 10,376 feet. A 13 foot interval was perforated and the well was equipped with an electrical submersible pump, however the pump could not be operated at the design rate due to a viscous fluid emulsion mixture of oil and completion fluid. Before attempting to recommence testing the wellbore will be cleaned out and displaced with oil which may enable the pump to operate normally. If this is not successful a workover rig may be required to remove and service the pumping equipment. This operation is anticipated to occur in the coming weeks once the appropriate equipment is sourced.
Production Update – Suroriente Block
For the first 27 days of October 2013, gross production from the Suroriente Block has averaged 13,686 barrels of oil per day (1,985 barrels of oil per day net after royalty). The Corporation expects that new water injection facilities at the Cohembi-6 well site will be operational in early November 2013. Upon completion of the new water injection facilities, the Cohembi-6 oil producer will be converted for water injection service, and will provide pressure maintenance to the southern portion of the Cohembi pool.
The Corporation is a Calgary-based junior oil and gas company, which explores for, develops, produces and sells crude oil, natural gas liquids and natural gas in Colombia.
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