Canacabare # 1 was the first well to be brought on production in the Anteojos field, which is adjacent to the established Palo Blanco field also within the Alcaravan Contract area. During the workover, Global successfully added the Middle Carbonera C-7 formation and tested the two producing zones of Canacabare # 1 at a combined maximum rate of 198 barrels of oil per day (bopd) of 27 degree API gravity oil. Canacabare # 1 had been off-production since April 2004, at which time the production rate was averaging 100 bopd.
Commenting on Canacabare # 1, Stephen C. Voss, Global's Managing Director, said, "We are pleased to return our Canacabare # 1 asset to production at improved rates from last year, resulting from the completion of certain mechanical repairs and the addition of new volumes from the Middle Carbonera C-7 formation. The Canacabare # 1 not only adds additional production, but also affords us production from another field and its medium quality gravity will further enhance the overall sales blend quality of Global's Central Llanos oil. The Company will also be reviewing other development drilling opportunities offset to the Canacabare # 1 during 2005."
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