Seven Seas Petroleum Inc. announced that it has completed the Guaduas-La Dorada Pipeline on schedule and within budget. The 40-mile Guaduas-La Dorada pipeline connects the Guaduas Oil Field to international oil markets via Colombia's existing
pipeline infrastructure. Current pipeline production is approximately 2,800 total barrels per day from the El Segundo 1-S and El Segundo 1-N wells. Pipeline production from the Tres Pasos 1-E and Tres Pasos 1-W wells has been delayed due to mechanical difficulties with the heater treater, but will commence immediately after the problem is resolved. The problem is being addressed and other alternatives are being reviewed, however, there is no time frame for when the matter will be resolved.
Production testing of the El Segundo 5-S well resumed at rates between 1,800 and 2,800 barrels per day over a three and one-half day period until the submersible pump failed. Because the Tres Pasos 5-W well is being drilled from the same surface location as the El Segundo 5-S, the Company will temporarily stop drilling operations while it replaces the submersible pump. Pipeline production from the El Segundo 5-S well will commence immediately after the pump has been replaced and production testing and clean up operations are complete.