The rig has been mobilized from the Tilodiran # 1 well site, also located on the Rio Verde Contract. The Tilodiran # 1 well was successfully re- completed and placed on production earlier this month.
Terms of the Rio Verde contract require Global to re-complete and equip for production both Tilodiran # 1 and the Macarenas # 1 wells. The Macarenas # 1 was drilled in 1993 and, like Tilodiran # 1, tested productive. It was drill stem tested at a rate of 320 barrels per day of 33 degree API gravity oil.
Global expects that re-completion operations on Macarenas # 1 will require approximately 35 days, following final mobilization, to equip the well for production. Global owns a 100% working interest in the Macarenas # 1 well.
"The progress made to date on our Rio Verde Contract continues to run ahead of our initial expectations," said Stephen C. Voss, Global's Managing Director. "Tilodiran # 1 rapidly supplemented our existing production, and we expect the Macarenas # 1 should follow shortly. In addition to further near- term production the Rio Verde Contract offers potentially significant opportunities for additional development around the two existing wells which have been our near-term focus. Looking ahead, we believe exciting exploration opportunities exist throughout the remaining acreage."
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