2nd Shale Well Results at CASE Great numbers ... looks like more coming soon
Centaurus Energy Inc. (Formerly Madalena Energy Inc.) Announces Production Test of Horizontal Multi-Frac Well Case-501(h) at Coiron Amargo Sur Este
Buenos Aires, Argentina--(Newsfile Corp. - January 15, 2020) - Centaurus Energy Inc. (TSXV: CTA) (OTCQX: CTARF) ("Centaurus" or the "Company") is pleased to announce Pan American Energy ("PAE"), Centaurus' Partner, successfully completed and tested the CASE-501h multi-frac well in the Vaca Muerta Shale Formation at the Coiron Amargo Sur Este ("CASE") block in Argentina. This is the second of a five well program.
The well was drilled with an approximate horizontal lateral length of 2,000 meters at a vertical depth of approximately 3,100 meters. The CASE-501h was connected to early production facilities on November 9, 2019. CASE-501h achieved a 30 day average initial production ("IP30") rate of rate of 1003 barrels of oil per day with an average wellhead pressure of 4,885 psi, significant higher than the CASE-101h.
The CASE-401h horizontal multi-frac well, the third of the five well program, was completed and connected to early production facilities on January 7, 2020. The Company expects to announce the CASE-401h IP30 results in due course.
The CASE-501h and CASE-401h wells are part of the Pilot Program covered by the Loan Facility that Centaurus has with PAE which will be repaid with the net production proceeds from 100% of Centaurus's interest in the CASE block. Centaurus holds a 35% working interest in the CASE block.