Maurel & Prom Issues Update on Colombian Wells



The Ortega Sur well, drilled in the Ortega Incremental Production Contract, signed with Ecopetrol S.A. and located in the Upper Magdalena Valley, 250 km southwest from Bogota, has reached three hydrocarbon bearing intervals from Caballos and Tetuan Formations.

Three selective tests in Middle & Upper Caballos and Tetuan, resulted in a gas production of 2.5 million cubic feet per day, 3.0 million cubic feet per day and 2.0 million cubic feet per day respectively, for a total estimate production of 7.5 million cubic feet per day equivalent to 1,350 boepd. Maurel & Prom net production (entitlement) after royalties represents an estimate of 4.76 million cubic feet per day equivalent to 857
boepd.

Maurel & Prom, through its wholly owned subsidiary Hocol S.A., holds 69% of this contract that carries royalties of 8% and Ecopetrol, operator, holds the remaining 31%.

This gas well will support Maurel & Prom gas sales project in Colombia with Don Pedro and Monserrate Field. This well can be connected to Santa-Rita gas production facilities by the end of the year.

Cocli NE well has been plugged and abandoned.


 


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