Las MaraccasIf this is not a typo, this hit is very nice.
Under the terms of the Joint Operating Agreement, the non-consenting party has the right to back-in to the discovery and retain its 50% working interest by paying 1000% of its working interest share of the cost of the exclusive operation to drill and test the Las Maracas-2 sidetrack well. In the event that the non-consenting party decides not to back-in, Petroamerica will hold a 50% working interest in the Las Maracas discovery, and a 25% working interest in the rest of the block.
So unless TLM opts to pay 10 times the sidetrack cost, PTA will have a 50% beneficial interest in this well. If they are showing almost 1000 bopd under natural flow with skin damage, I assume a proper workover of the well will yield better rates. Plus stick in an ESP, we should able to see 2K bopd +. Also, low water cuts and production from only a 6 ft interval out of 40 ft of net pay.
Negatives are theyy did not hit the lower intervals. Hopefully the skin damage is not significant enough to compromise the hole.
Production testing will give some answers