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Canacol Energy Ltd conducts flow tests

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Oilfield Technology,

Canacol Energy Ltd has announced that Oboe 1, an appraisal well drilled in its Clarinete gas field on the VIM 5 Exploration and Production Contract, has tested at a final rate of 27 million ft3/d of dry gas with no water from the second, shallower, test interval within the Cienaga de Oro (CDO) reservoir. This flow test is the second of three separate tests planned on three separate gas bearing reservoir intervals within the CDO reservoir encountered in the Oboe 1 well. The first test interval, deeper within the CDO, tested at a final rate of 26 million ft3/d as reported on 25 February 2016. Canacol, through its wholly owned subsidiary CNE Oil & Gas S.A.S., holds a 100% operated interest in the VIM 5 E&P contract.

Gas Sales

Realised contractual gas sales currently total approximately 53 million ft3/d with the Promigas S.A. pipeline expansion on schedule to ramp Canacol's gas sales and production up to 90 million ft3/d by 31 March 2016.

Realised contractual gas sales for the months of November 2015, December 2015 and January 2016 were 18.4 million ft3/d, 25.5 million ft3/d and 30.0 million ft3/d respectively, reflecting the additional sales related to the Promigas pipeline expansion.

The Corporation's capital expenditure budget for calendar 2016 is anticipated to be approximately US$52 million excluding capital lease payments relating to the Jobo-gas processing plant, which a subsidiary of Promigas will operate.

Oboe 1 Test Results

The Oboe 1 well was spud on 19 January 2016 and reached a total depth of 9750 ft measured depth on 7 February 2016. Oboe 1 encountered 158 ft of net gas pay with average porosity of 23% within multiple stacked sandstone reservoirs in the primary Tertiary-aged CDO target, representing the thickest gas pay encountered in the CDO in the Clarinete discovery thus far.

The CDO sandstone reservoir was perforated between 7878 and 7890 ft md within the second interval to be tested. Flow testing of this interval achieved a maximum rate of 27 million ft3/d of dry gas.

Three separate reservoir intervals are planned to be tested in the Oboe 1 well: the interval between 8116 and 8683 ft md (which flowed at a final rate of 26 million ft3/d), the interval between 7309 and 8106 ft md (the subject of this flow test), and the interval between 6556 and 7270 ft md (the subject of the third planned flow test).

Upon the conclusion of the pressure build up of the second test interval, a removable plug is to be placed above the tested interval, and Canacol will execute flow testing of the third and shallowest interval. The Corporation expects to release the flow test results of the third interval within one week.

Edited from press release by

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