The well has been drilled to a total depth of 3,073 feet and intersected a gross 300-foot oil section. Subsequently the well has undergone testing. Analysis of the oil indicates that, while classified as heavy with a gravity of 16-17 degrees API, it is liquid at room temperature and pressure.
The well was produced by artificial lift using downhole mechanical pumps. The fluid was recovered to tanks and measurements of oil produced were corrected volumetrically to standard conditions. On completion of operations at Arce 4, the drilling rig will be used to re-complete the number two well on the field. Equipment for steam production of this field has been ordered and is en route. Following completion of the steam testing program, the total number of wells needed to maximize production will be decided.
"This is excellent news and justifies the board's decision to focus on Colombia in the first half of the year,” said Ivan Burgess, BlackRock’s managing director. “The monies raised last week will be used to fund the Colombian and U.K. appraisal drilling program. Our operator and joint venture partner, Kappa, estimates the reserves of the field to be 5 million barrels. Flow rates are expected to increase three to five times once we have steam-stimulated the field. We remain optimistic that the field will be in commercial production around the turn of the year.”
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