CANACOL Energy Hits Maltes, it's 5th Oil Field At LLA23.Canacol Energy Hits its 5th Oil Field at LLA23 Block in Colombia 100,000 km
Labrador,Maltes,Leono,Pa. TIgro Light Oil Fields in Colombia Sweet Basin....LLA23 E&P Contract The Corporation has completed the drilling and testing of the Maltes 1 exploration well located approximately 1.5 kilometers ("kms") to the north of the Labrador oil field. The well tested a gross rate of 1,555 barrels of oil per day ("bopd") of 32° API light oil (1,400 bopd net) from the C7 sandstone reservoir with a water cut of less than 1% using an electrical submersible pump operating at a frequency of 38 Hz at the end of a 6 day flow test. Maltes 1 represents the 5th oil discovery the Corporation has made on the LLA 23 contract over the past 2 years. The Maltes 1 discovery will be left on long term production, subject to the approval of the ANH.
The Corporation is also currently acquiring 400 square kms of 3D seismic, and anticipates completion of the acquisition by March 2015. The Corporation plans to use the newly acquired seismic to continue its exploration drilling program on the LLA 23 contract throughout 2015 and 2016.
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