Quinde-3 New Successful Development Well & Quinde Oil PoolFor those who do not recall the previous Quinde gushers and the de-risked Quinde oil pool which was Suroco's acreage, I quote from the locked SA article:
Suroco's Quinde Field Is A Game Changing Oil Discovery
Given that Suroco's website does not exist anymore, I would like to provide some insight about Suroco's Quinde wells in the Suroriente Block. In short, Suroco's Quinde wells are gushers and provide needle-moving production.
Thanks primarily to these wells, Suroco's production was rising by leaps and bounds in late 2013 and early 2014, as shown below:
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Period
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Suroco's Production
(Net Before Royalty)
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Q3 2013
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1,490 bopd
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Q4 2013
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1,955 bopd
|
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January 2014
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2,015 bopd
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February 2014
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2,310 bopd
|
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March 2014
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2,465 bopd
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Thanks also to the Quinde wells and positive response to increased water injection in the Cohembi field, Suroco revised upwards its forecast production numbers for 2014 and estimated in early 2014 that it would exit 2014 at approximately 3,300 bopd (net before royalty).
Let's see now some more details about these game changer wells in the Quinde field:
1) The Quinde-4 well was drilled in December 2013. Gross production for the recently drilled Quinde-4 well averaged 2,676 bbls/d for the first 20 days of March 2014, and has recently been increased to over 2,900 bbls/d as the electric submersible pump installed in the well has been increased to a higher operating frequency.
2) The Quinde-6 well commenced drilling on March 13, 2014. The well successfully encountered 32 feet of net oil pay and no indication of an oil water contact. After being placed on production with a submersible pump on April 29, the Quinde-6 well has stabilized at over 2,300 bbls/d with zero percent watercut.
3) The Quinde-7 well was the first well in the Quinde East pool. In June 2014, the Quinde-7 well was tested at a stable rate of 800 bbls/d by natural flow. The Quinde-7 well was equipped with an electric submersible pump and commenced production at an approximate rate of 1,500 bbls/d into the existing Quinde production facilities. The Quinde-7 well reached initial rates of 4,400 bopd, and the well is now producing at a rate of more than 3,500 bopd, according to the latest corporate news. If this is not the definition of a gusher, I do not know what is.
After completing operations at Quinde-7, the rig commenced drilling the Quinde-8 well from the same surface pad.
And the good news does not end here:
1) Suroco evaluated the resource potential of the Quinde Villeta N sand in the Suroriente Block, effective March 1, 2014. Based on 3D seismic amplitude mapping, core analysis, and performance analysis of the Quinde-4 well, the discovered oil initially in place in the Quinde West pool is estimated to be 25.3 million barrels of oil, and the economic contingent P50 resources are estimated to be 7.1 million barrels of oil.
2) As linked above, Suroco also estimated the undiscovered oil initially in place in the Quinde East pool to be 17.7 million barrels of oil and the unrisked prospective P50 resources to be 5.7 million barrels of oil.
These amazing results received from the Quinde field so far have reinforced and underlined the importance of this world-class asset. The Quinde prospect is still at its infancy, and it is clear that it offered transformational potential for Suroco. As such, this new oil discovery will be the core driver for Petroamerica's production and reserves growth over the coming years. Petroamerica has a fully funded multiple well program in order to vigorously pursue the development of this prospect and unlock its growth potential effective late 2014.