RE:RE:RE:RE:RE:RE:RE:News from CFO In the CN-1 well there are three formations which we will be testing. Some of the formations have more than one zone of interest.
- The first formation that we tested was the Ubaque formation. We tested it over three different periods:
o The first flow period was held for 23 hours and showed an average oil rate of 491 bopd gross. o The second flow period was for 18 hours and showed an average oil rate of 861 bopd gross, and, o The third flow period was held for 17 hours and showed an average oil rate of 1134 bopd. · Oil production tested at a peak rate of 1,222 bopd, and a final stabilized rate of 1,134 bopd. - The next formation that we are testing is the Gacheta. We plan to have two separate tests of the Gacheta formations, the Gacheta C zone and the Gacheta A zone.
- The fourth test will be on the C7 formation. Expectations are that two zones will be tested in the C7 formation at the same time.
We will then put the well on formation from one of the formations, my guess is that we will produce the C7 formation initially because of the experience we have had with the C7 at RCE.
After that we want to move the rig to CN-2 and begin drilling the second well. Once CN-2 is on production we expect to move the rig to CN-3 to begin drilling.
I hope that helps with your understanding. Let me know if I can be of anymore assistance.
Joe