"This is an encouraging result," said Nils N. Trulsvik, InterOil's CEO. "The volume is much larger than expected, and opens for an extension of the producing Toqui Toqui field to the North. Formally this well is outside our production area and is classified as an exploration well. The area will therefore be added to our existing reserve base."
InterOil presently owns 100% of the area, but Ecopetrol, the State Oil Company, has as normal the right to a 30% ownership, after InterOil recovers its exploration costs.
Mana 7, the first exploration well drilled only a month ago, is still on production, and the Ministry has allowed for continuous production and approved the long term testing of this well.
"We have now started another infill well planned in the Toqui Toqui field, TC18, and expect to complete this in 2 weeks," said Trulsvik. "Subsequent to this we will review our Mana results and plan for additional wells in this very successful area."
InterOil's total production in Colombia has grown by 44% from 1000 bopd in November to 1800 bopd subsequent to the latest drilling.
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