Canacol Energy Ltd. Tests Nispero 1 Exploration Well at 28 MMSCFPD

Canacol Energy Ltd. Tests Nispero 1 Exploration Well at 28 MMSCFPD

Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) announced the following update concerning the Nispero 1 gas discovery, the doubling of its gas drilling program for the remainder of 2016, and an increase of 9% in Corporate cash sales to 19,440 barrels of oil equivalent per day (“boepd”) for the month of July 2016 compared to the average cash sales of 17,817 boepd for the quarter of April 1 to June 30, 2016.
Nispero 1 Exploration Discovery (100% Operated Working Interest)
The Nispero 1 exploration well was spud on the Esperanza Exploration and Exploitation Contract on July 17, 2016.
The well reached total depth of 9,906 feet measured depth (“ft md”) on August 7, 2016, encountering 79 ft md (55 feet true vertical depth) of net gas pay with average porosity of 17% within the primary Cienage de Oro (“CDO”) reservoir target.
The CDO reservoir interval was perforated in 7 different intervals between 8,792 to 9,630 ft md and flowed at a final stabilized rate of 28 million cubic feet per day (“MMscfpd”) of dry gas with no water at a flowing tubing head pressure of 2,045 pounds per square inch over a test period of 53 hours.
The Corporation is currently completing the Nispero 1 well for permanent production via a flow line that will tie the well into the Corporation’s operated Jobo production facility.
Given the success at Nispero, the Corporation plans to immediately drill the offsetting Trombon gas prospect from the same drilling platform the Nispero 1 well was drilled from.
The Trombon 1 exploration well will target the same CDO reservoir interval tested in the offsetting Nispero 1 well, but in a distinct and isolated fault block located approximately 2 kilometers south of the Nispero discovery.
The Corporation anticipates spudding the Trombon 1 well late in the week of August 29, 2016, and anticipates that the well will take 5 to 6 weeks to drill and flow test.
More: Expands Drilling Program, and Reports on July Production
Source: Canacol Energy Ltd.
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