(Energy Analytics Institute, Jared Yamin, 24.May.2018) – Canacol Energy Ltd. announced results of the Breva 1 natural gas exploration well located on its 100% operated VIM 21 block in the Lower Magdalena Valley Basin of Colombia.
The Breva 1 exploration well is located approximately 1.5 kilometers north of the Toronja 1 Porquero gas discovery announced by Canacol on June 27, 2017. Toronja 1 encountered approximately 14 feet true vertical depth (TVD) of net gas pay within the Middle Porquero sandstone reservoir, and tested at a rate of 24.4 million standard cubic feet per day (MMscf/d) of dry gas with no water. Nelson 6, Canacol’s first discovery in the shallow Porquero sandstone play, encountered 39 ft TVD of net gas pay and tested 23 MMscf/d of gas.
Using the Pioneer 302 drilling rig, Breva 1 spud on April 29, 2018, and reached a total depth of 7,560 feet measured depth in 13 days. The well encountered 29 ft TVD of net gas pay with average porosity of 27% within the primary Porquero sandstone reservoir target. The well has been completed and cased, and Canacol is currently mobilizing a work over rig to perforate and production test the well. The work over rig is anticipated to arrive in 2 weeks, and the testing program is anticipated to take approximately 1 week to complete.
After Nelson 6 and Toronja 1, Breva 1 represents the third consecutive discovery in the emerging and important new Porquero play type in Canacol’s exploration portfolio. By means of the application of the AVO methodology proven to be so successful locating gas‐charged reservoir sandstones in the Cienaga de Oro play type, the company has demonstrated the same relationship between gas and reservoir sandstones in the Porquero Formation. Going forward, the successful outcome of the three exploration wells in the Porquero sets up at least five exploration and appraisal locations on the VIM 21 concession. It also provides critical technical information regarding the AVO methodology enabling Canacol’s exploration team to investigate the potential for the Porquero play type across the company’s expansive acreage position (1.1 mm net acres) in the Lower Magdalena Valley Basin.
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