The Los Hatos #1 well perforated and tested the Mirador formation at a maximum rate of 700 metric cubic feet of natural gas per day and 408 barrels of oil per day of 36 degree API gravity oil with BS&W (basic sediment and water) of only 3%. Global owns 100% working interest in the Los Hatos Contract, subject only to an initial 8% royalty, with the size of the royalty to be determined by future production levels. The placing of Los Hatos #1 on production will mean Global has production from five different contracts in Colombia in addition to holding high-potential exploration acreage positions in Colombia, Peru and Panama.
"The success of the Los Hatos #1 well has effectively extended the established, producing Palo Blanco field further to the south," said Stephen Voss, Global's Managing Director. "Finding and producing oil in the Mirador formation is especially encouraging as this formation is producing commercial hydrocarbons from Estero #2, the most northerly well within the Palo Blanco field, and now Los Hatos #1, the southerly extension of the Palo Blanco field. We will promptly undertake additional geologic and engineering analysis to assess the potential additional Mirador reserves throughout both the Los Hatos and Alcaravan contracts. "
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