Operational Update: Colombia
(Thomson Reuters ONE) - Gold Oil plc Operational Update: ColombiaGold Oil plc ('Gold' or 'the Company') is pleased to announce thefollowing operational updates for its Azar, Nancy Burdine Maxine andRosa Blanca Blocks in Colombia.Gold is pleased to announce that at the most recent Azar operatingcommittee meeting (OCM) on 28 October, the Operator, Gran TierraEnergy Company (GTEC), announced the preliminary results of the 50km23D survey acquired on the southern part of the block on which the LaVega South & East prospects will be drilled Q2/Q3 2010 as soon as therelevant environment impact assessment permits are granted. La VegaEast has resources estimated by GTEC of 3.25MMbbl in the T and Usands (Gold's share 0.6MMbbl). The similar La Vega South prospect isestimated to have resources of 3.24MMbbl in both sands (Gold's share0.6MMbbl). Both structures are very close together and are planned tobe drilled 'back to back' in 2010. GTEC has considerable experiencein the Putumayo Basin, of which these prospects are very typical,operating several blocks.During the same OCM the partners decided to acquire an additional75km2 of 3D seismic over the La Florida structure, which is in thenorthern part of the block and has had 51km of 2D seismic recentlyacquired on it. The La Florida prospect has the potential, estimatedby GTEC, for 15-25 MMbbl of oil initially in place (STOIIP). A betterestimate will be made after the new 3D seismic survey, which will beacquired in March/April 2010.As announced in the Company's Operational Update announced on 24September, the acquisition of a 60 km 2D seismic survey in thesouthern portion of the Rosa Blanca Block, located in the prolificMiddle Magdalena Basin, started three weeks ago after theenvironmental permit was granted. Local consultation, detailedtopography mapping and drilling of the shot-holes for the dynamitecharges are well advanced. The first seismic line has been shot andaccording to the schedule the seismic acquisition will be finished bymid November and processing and preliminary interpretation in thefirst week of December.Testing of the Burdine wells continues and B-1 has been in productionon a long term production test since October. B-1 is producing anaverage of 230 bopd of light crude with 320 bpd of water. Theobjective of the long term test is to get more information on thewell to optimize the work-over programme for B-1 and B-5. Thework-over of B-4 needs the approval of the Company's partners. B-5has produced 60 bopd on a short term test and a work-over tochemically remove probable formation damage and increase productionis being planned. Petrophysical analysis of B-4 shows unperforatedoil reservoirs that will be perforated during the work-over andbrought on stream.The Company expects that the work-over programme for the BurdineField should increase production of the field to 1.500 bopd. (Net toGold 410 bopd)Mark Pritchard, Chairman of Gold Oil said: "I am pleased with theexcellent news on the Azar Block and happy to have reached consensuswith our partners to develop the Block as quickly as possible,bearing in mind that the environmental permitting for the two projected wells is likely to take at least 6 month for approval,once presented to the Ministry. It would be of interest to allpartners to be able to drill these two wells immediately afterprospect mapping has identified drilling locations but unfortunatelyEIA permitting will not allow this."The technical information contained in this announcement has beenreviewed and approved by Mike Burchell, B.Sc., 69, member of the SPEand with over 47 years experience in the oil and gas business.Notes for EditorsGold Oil is an AIM-listed oil and gas exploration and productioncompany primarily focused on opportunities in Latin America. It hasoil production in Colombia and significant exploration acreage andlicences both onshore and offshore in Peru and onshore Colombia.The Azar Block, which is located to the northeast of the Company'sexisting Nancy, Burdine and Maxine oil fields and immediately to theeast of the Guayoyaco Block in which the Juanambu discovery well wasdrilled in November 2007 with a flow rate of 1,410 bopd. TheGuayoyaco Block is operated by Gran Tierra Energy (TSX: GTE), who isalso the operator and 40% interest holder in the Azar Block.The Licence for the Azar Block was granted by Colombia's hydrocarbonsagency (ANH) in October 2006 for an area of 51,630 Ha (or 516.3km2).The term of the Licence is for a period of 24 years and includes aroyalty payable to the ANH of between 8% and 25% depending upon thelevel of production. The oil and gas terms in Colombia are currentlysome of the most favourable in Latin America.The Rosa Blanca Block covers an area of approximately 45,000 hectaresand is surrounded by the nearby oil producing fields of Cristalina,Santa Lucia, Tisquirania, Totumal, Baturama and the South BolivarBlock.The petroleum system within the Rosa Blanca Block has been proven innearby oil wells and fields which reduces the geological risksignificantly. Gold believes that the presence of fractured reservoirzones within the reservoir rock is the main geological risk. Gold'sclear objective is to find another Buturama style oil field which,by analogy, could give reserves of up to 30 MM STB and initialproduction rates of 1,200 BOPD of 35o API gravity oil per well.The Nancy, Burdine and Maxine fields were discovered by Texaco andput on stream in 1976. The Nancy-1 well produced initially 1,400bopd, the well production then declined to approximately 200 bopd by1995 when the well was abandoned. The fields were returned toEcopetrol who licensed them to a group of local oil and servicescompanies ('the Union Temporal') in 2003. On March 2006, the Companyfarmed into the Licence through Union Temporal. Since then theCompany has bought out one of the partners, Invepetrol. The partnersin this block are Ecopetrol (41%) and Union Temporal (59%). UnionTemporal is formed by 5 companies: Gold Oil (58.05%), Termotécnica(18.05%), Ingeniería y Servicios Petroleros Ltda. (18.05%), Bioss(2.84%) and one individual with (3%). The Company's net workinginterest is 27.4%.For further information on the Company, visit www.goldoilplc.com orcontact:Gold OilMark Pritchard, Chairman Tel:0208 332 6882Seymour PierceJonathan Wright / Richard Redmayne Tel: 020 71078000-END OF MESSAGE-This announcement was originally distributed by Hugin. The issuer issolely responsible for the content of this announcement.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Bereitgestellt von Benutzer: hugin
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