Canacol’s Clarinete 1 gas discovery shows substantial deliverability

Canacol Energy said that Clarinete 1, the first exploration well drilled in its recently acquired VIM 5 E&P contract, has tested at a final gross rate of 24.7 million standard cubic feet per day of dry gas.

The results were achieved in the Upper Cienaga de Oro reservoir in the second of two production tests over two separate reservoir intervals.

The Lower CDO tested at a final gross rate of 20.6 mmscfpd of dry gas with no water. The combined gross deliverability of the Clarinete 1 well from both intervals is approximately 45.3 mmscfpd.

The Clarinete 1 exploration well was spud on October 8, 2014, and reached a total depth of 8,068 feet measured depth on November 7, 2014. The corporation is preparing to lay a flowline to tie the Clarinete 1 well into its operated gas processing facility at the Jobo station. Canacol is also negotiating a new take or pay sales contract with a domestic Colombian purchaser and will reveal details concerning the contract in the near future.

An independent evaluation of the prospective resources associated with the Clarinete prospect by Gaffney Cline and Associates, showed the pre-drill best estimate of unrisked gross prospective gas resource associated with the Clarinete discovery is approximately 540 billion cubic feet. The corporation has engaged its reserves auditors to prepare a reserve and contingent resource report for the Clarinete discovery following the completion of the testing program.

In 2014, Canacol  executed three new gas sales contracts for a combined 65 mmscfpd. Recently, it has executed a new 15-year take or pay gas sales contract to provide 35 mmscfpd to Altenesol LNG, commencing in the last quarter of calendar 2016.

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Image: Canacol