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(WO) — Canacol Energy Ltd. made three gas discoveries at Dividivi 1, Saxofon 1, and Chimela 1 in Colombia’s Middle Magdalena basin. The company also provided updates regarding its near-term drilling programs.
Saxofon 1 – Encounters 338 ft. of gross gas pay within the Porquero and CDO reservoirs
Canacol Energy began drilling the Saxofon 1 exploration well on December 2, 2022 on its 100% operated VIM5 Exploration and Production (“E&P”) contract in the Lower Magdalena Basin. The well reached a total depth of 9,416 ft. on January 7, 2023 and encountered a gross gas column of 290 ft. within the Porquero sandstone reservoir between depths of 4,385 and 4,675 ft.
The company also discovered a gross gas column of 48 ft. within the primary Cienaga de Oro (“CDO”) sandstone reservoir between 7,560 and 7,608 ft.
The gas-bearing reservoirs discovered within the Porquero sandstone display average porosity of 26%, while those within the CDO sandstone display average porosity of 16 %.
The well is currently being cased. Canacol Energy plans to mobilize a workover rig to complete and test the CDO. The development plan for Saxofon will include the drilling of additional appraisal and development wells once a new 3D seismic survey has been acquired over that area of the block in late 2023.
Dividivi 1 – Encounters 89 ft. of gross gas pay within the CDO and Cicuco reservoirs
Canacol Energy began drilling the Dividivi 1 exploration well on December 20, 2022 on its 100% operated VIM33 E&P contract located in the Lower Magdalena Basin. The well reached a total depth of 4,692 ft. on January 2, 2023 and encountered a gross gas column of 89 ft. within the primary CDO sandstone and Cicuco limestone reservoirs between depths of 2,184 and 2,273 ft. The gas bearing reservoirs have average porosity of 27%.
Canacol Energy is currently executing a flow test of the well in order to formulate a commercial development plan for the discovery.
Chimela 1 – Encounters 85 ft. of net oil and gas pay within the Lisama reservoir
Canacol Energy began the drilling the Chimela 1 exploration well on November 13, 2022 on its 100% operated VMM45 E&P contract located in the Middle Magdalena Basin. The well reached a total depth of 14,101 ft. on December 16, 2022, and encountered multiple zones of oil and gas pay within the primary Upper Lisama and Basal Lisama sandstone reservoirs between depths of 12,410 and 13,694 ft.
The oil-bearing reservoirs discovered within the Basal Lisama were encountered between 13,004 and 13,694 ft. with individual oil-filled sands between 8 and 20 ft. in thickness, with average porosity of 14%. The gas-bearing reservoir within the Upper Lisama is 9 ft. thick, with an average porosity of 10%.
Canacol Energy is currently demobilizing the drilling rig and is preparing to mobilize a workover rig to complete and production test the well.
Natilla 1 – Sidetracking
Canacol Energy spud the Natilla 1 exploration well on its 50% operated working interest SSJN 7 E&P contract on December 1, 2022. Natilla 1 is targeting gas-bearing sandstones within the CDO and Porquero sandstone reservoirs.
The well was drilled to a depth of 11,848 ft. within the Porquero sandstone interval, the secondary target of the well, prior to encountering drilling-related problems. The well is currently being sidetracked; Canacol Energy expects to reach a planned total depth of 16,609 ft. within the primary CDO sandstone target within 6 weeks.
Near-term drilling program
Canacol Energy plans to spud the Lulo 1 exploration well on its 100% working operated interest Esperanza Exploration and Exploitation contract in mid-March 2023. The Lulo 1 well is located less than 1 km to the east of the Jobo production facility and is targeting gas-bearing sandstones of the CDO sandstone reservoir. The well is anticipated to take 4 weeks to drill and complete.
