SYS-CON MEDIA Authors: Pat Romanski, Jnan Dash, Elizabeth White, Yeshim Deniz, Nikita Ivanov

News Feed Item

Canacol Energy Ltd. Tests 2,930 BOPD Light Oil From Pantro 1 Discovery and Adds Second Drilling Rig on LLA23 Block in Colombia

CALGARY, ALBERTA -- (Marketwired) -- 05/02/14 -- Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) is pleased to announce its third consecutive light oil discovery at the Pantro 1 exploration well located on the LLA23 Exploration and Production ("E&P") Contract in the Llanos Basin of Colombia. The Corporation has an 80% operated working interest in the LLA23 contract, with Petromont Colombia S.A. Sucursal Colombia holding the remaining 20% interest.

Charle Gamba, President and CEO of the Corporation, commented, "Pantro marks the third consecutive light oil discovery after the Labrador and Leono discoveries, firming up a very productive light oil trend on our LLA23 block, where production netbacks from the Labrador and Leono fields averaged approximately US$ 65 per barrel for the last reported quarter. Based on these exploration successes, and the high netback nature of the oil, we've decided to add a second drilling rig to our program on LLA23, and are planning to drill two more exploration wells, Tigro 1 and Pointer 1, along this prolific trend by the end of August 2014. In the meantime we have started a development drilling program which includes up to 6 wells, starting with the Labrador 4 well which spud on April 30, and the Leono 3 well which we intend to spud within 2 weeks. The success at Pantro 1, the addition of a second drilling rig to execute a development drilling program on our discoveries, and the potential associated with the upcoming Tigro 1 and Pointer 1 exploration wells will all contribute to the continued growth of high netback production and corresponding cash flow to Canacol's bottom line this year."

Pantro 1 Well and Test Results

The Pantro 1 well was spud on March 23, 2014 and reached a total depth of 12,682 feet measured depth ("ft md") on April 16, 2014 with good oil and gas shows encountered while drilling through the primary reservoir targets. The well encountered 83 feet ("ft") of net oil pay in the following reservoirs: 14 ft of net oil pay within the C7 reservoir with an average porosity of 16 %, 6 ft of net oil pay within the Mirador reservoir with an average porosity of 17%, 16 ft of net oil pay in the Barco reservoir with an average porosity of 14%, 37 ft of net oil pay within the Gacheta reservoir with an average porosity of 21%, and 10 ft of net oil pay within the Ubaque reservoir with an average porosity of 23%.

The Gacheta reservoir was perforated from 12,250 - 12,261 ft md and flowed at a gross rate of 2,930 barrels of oil per day ("bopd") (2,344 bopd net) of 31 degrees API oil @ 135 degrees F with 14% water cut and 75 thousand square feet of gas per day using an electro submersible pump set to a frequency of 38 Hz during a 24 hour flow period.

Forward Plans on LLA23

The Corporation next plans to production test the Mirador reservoir within the Pantro 1 well and place either the Gacheta or the Mirador on long term production, subject to the approval of the Agencia Nacional de Hidrocarburos. Immediately upon completion of testing operations at Pantro 1, Canacol is planning to drill the Leono 3 development well located approximately 0.5 kilometers ("kms") to the north of the Leono 2 appraisal well. Leono 3 is anticipated to take approximately 6 weeks to drill, complete, and production test. Upon completion of the Leono 3 development well, the Corporation plans to drill up to 4 additional development wells within the Pantro and Leono fields using this drilling rig throughout the remainder of calendar 2014.

The second drilling rig spud the Labrador 4 development well on April 30, 2014. The Labrador 4 well is located approximately 0.5 kms to the southwest of the Agueda 1ST discovery well, and is anticipated to take approximately 6 weeks to drill, complete, and production test. Upon the completion of the Labrador 4 well, the second drilling rig will drill the Tigro 1 exploration well, situated approximately 2 kms to the south of the Pantro 1 discovery. Upon the completion and testing of the Tigro 1 exploration well, the second drilling rig will drill the Pointer 1 exploration well, situated approximately 2 kms to the south of the Labrador field. Upon the completion and testing of the Pointer 1 exploration well, the second drilling rig will be used to drill any potential appraisal and development wells resulting from a discovery at either Tigro, Pointer or both throughout the remainder of calendar 2014.

The Corporation also anticipates to commence the shooting of a 400 square kilometer 3D seismic program which will encompass the entire LLA23 block. The objective of the 3D seismic program is to firm up the portfolio of 12 currently identified exploration leads into prospects for drilling in 2015 and 2016. The seismic program is anticipated to commence in June 2014 and end in August 2014.

The Corporation will provide updates when relevant information becomes available.

Canacol is an exploration and production company with operations focused in Colombia and Ecuador. The Corporation's common stock trades on the Toronto Stock Exchange, the OTCQX in the United States of America, and the Colombia Stock Exchange under ticker symbol CNE, CNNEF, and CNEC, respectively.

This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur, including without limitation statements relating to estimated production rates from the Corporation's properties and intended work programs and associated timelines. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation cannot assure that actual results will be consistent with these forward looking statements. They are made as of the date hereof and are subject to change and the Corporation assumes no obligation to revise or update them to reflect new circumstances, except as required by law. Prospective investors should not place undue reliance on forward looking statements. These factors include the inherent risks involved in the exploration for and development of crude oil and natural gas properties, the uncertainties involved in interpreting drilling results and other geological and geophysical data, fluctuating energy prices, the possibility of cost overruns or unanticipated costs or delays and other uncertainties associated with the oil and gas industry. Other risk factors could include risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities, and other factors, many of which are beyond the control of the Corporation.

Data obtained from the initial testing results at the well identified in this press release, including barrels of oil produced and levels of water-cut, should be considered to be preliminary until a further and detailed analysis or interpretation has been done on such data. The well test results obtained and disclosed in this press release are not necessarily indicative of long-term performance or of ultimate recovery. The reader is cautioned not to unduly rely on such results as such results may not be indicative of future performance of the well or of expected production results for the Corporation in the future.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big D...
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
Fundamentally, SDN is still mostly about network plumbing. While plumbing may be useful to tinker with, what you can do with your plumbing is far more intriguing. A rigid interpretation of SDN confines it to Layers 2 and 3, and that's reasonable. But SDN opens opportunities for novel constructions in Layers 4 to 7 that solve real operational problems in data centers. "Data center," in fact, might become anachronistic - data is everywhere, constantly on the move, seemingly always overflowing. Net...
What do a firewall and a fortress have in common? They are no longer strong enough to protect the valuables housed inside. Like the walls of an old fortress, the cracks in the firewall are allowing the bad guys to slip in - unannounced and unnoticed. By the time these thieves get in, the damage is already done and the network is already compromised. Intellectual property is easily slipped out the back door leaving no trace of forced entry. If we want to reign in on these cybercriminals, it's hig...