Black Rock Updates Columbian Assets

Arce Well, Columbia
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Las Quinchas Association Contract
Las Quinchas operator, Kappa Resources Colombia Limited, is applying for the formal assignment of 50% of its interest in the Las Quinchas Association Contract to Black Rock Oil and Gas Plc. This is subject to the approval of both Ecopetrol and the ANH.

Acacia Este Discovery
The Acacia Este-1 discovery well has been re-worked with a gravel pack and has commenced an extended production test, with positive production results at a current average of 70 barrels of oil per day (BOPD) under low pump rates.

The Acacia Este-1 well was re-tested in the lowermost zone, with results pointing to production rates of several barrels per day with no water. Although the rates are low, the results are significant because this potentially extends the hydrocarbon column significantly down dip.

A work-over was then undertaken to re-complete the well with a gravel pack within the liner over the upper zone that had previously produced up to 101 BOPD at a pump rates of 3-4 strokes per minute (SPM). Initial rates following the work-over peaked at 98 BOPD at 2 SPM, with very little water. Production at higher pump rates has not been undertaken. A pressure build up test will be carried out in the near future, after which the well will recommence the extended production test.

The initial appraisal well, Acacia Este-2, is expected to be spudded in early December. Initial test results are expected to be available around the end of the year. The two wells will then be put on extended production test, which should start early in 2008.

The joint venture intends to mobilize a seismic crew early in 2008. The second appraisal well, Acacia Este-3, will be located after this data has been acquired and interpreted and is planned for mid-2008.

Arce Field
There have been continuing operational difficulties with the Arce Field steam test, which has now been suspended. Future options for Arce are under review. Meanwhile, Arce 4 will be kept on cold production operations.

Ecopetrol has declined to participate in the Arce Field at this time. Ecopetrol has authorised Kappa, the operator of the Arce Field, and Black Rock to proceed with the development of a 77-acre area, including the four existing Arce wells and the surrounding area at its sole risk. Exploration operations outside of the sole risk area, including the Acacia Este discovery and untested extensions of the Arce accumulation, will also continue to be funded by Kappa and Black Rock. Ecopetrol also confirmed that the contract's exploration period is now over, and the contract has entered the exploitation period.

The steam test pilot at Arce has been problematic with both the steam generation equipment and the individual well completions. The most recent attempt has been abandoned after components of the steam generator failed. The joint venture is reviewing its options in the light of these continuing testing problems.

Since the joint venture is mobilizing a seismic crew for Acacia Este, consideration is being given to acquiring data over the Arce field also. This would allow more confident selection of an up-dip location for a further appraisal well.

Alhucema Exploration & Production Contract
The first well under the Alhucema contract has been delayed due to permitting and land access issues. To avoid confusion with the Juanes prospects, the Juanes SW location and well have been renamed Arrinconada. The Directors expect Arrinconada-1 will now be drilled in the first quarter of 2008 or as soon as the appropriate approvals have been obtained.

Black Rock's formal assignment of interest in the Alhucema contract from Kappa is subject to the approval of the ANH.


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