Only 2 Wells Drilled to Date at Big "E" 3 Well ProgramMaybe I'm missing something drunk@noon, but from what I've read, to date Parex has drilled 2 wells in the Big "E" program, which consists of a 3 Well Exploration Program. ONly one has been abondoned not 5 as you stated.
The first was their wholly-owned Chirimoya exploration well at VIM-431 in Colombia which was abandoned due to no hydrocarbons found, and then the Norther Llanos Arauca 8 well which originally produced 4000 bopd and then dropped off to only 500 bopd. Not uneconomical, but not what they had hoped for.
And currently, they are drilling the 3rd of 3 wells of their Big "E" exploration project, the Arantes-1 well which we are expecting results in next few weeks.
Again, not sure where you get that Parex is 0 for 5 from their Big "E" project, as there were only 3 wells to be drilled, 1 of which found no hydrocarbons, and the other which found oil but production dropped off. So far they are 1 for 2 in my books, even with the disappointment at Arauca.
Parex Abandons First Well of 3 Well Big "E" Exploration Project
Parex Resources abandons Colombian exploration well after tests show no hydrocarbons
World Oil Staff July 24, 2023
(WO) — Following the completion of testing, Parex Resources Inc. has announced the abandonment of its wholly-owned Chirimoya exploration well at VIM-431 in Colombia.
As previously announced, Parex reached the Chirimoya exploration wells’ target depth of approximately 17,500 feet. Following open hole evaluation, including logging operations, the Company made the decision to case and test the well. All three prospective zones were evaluated and confirmed that the potential reservoirs had no economic hydrocarbons.
The Chirimoya exploration well was the first prospect in a three well 2023 big ‘E’, high-impact exploration program. The Northern Llanos Arauca-8 well at Arauca (50% W.I.) and the Llanos Foothills Arantes-1 well at LLA-122 (50% W.I.) are expected to be spud in Q4 2023.
Parex will release its Q2 2023 results as well as provide an operational update post-market on August 2, 2023, with plans to host a conference call for investors, analysts and other interested parties the following day.