Maurel & Prom Cites Production Increase, Extension of Ocelote Field

Maurel & Prom reported that the appraisal well Ocelote-7, drilled in the Guarrojo exploration permit located in the Eastern Llanos, approximately 250 km south-west of Bogota has reached the Carbonera C7 formation.

This well, drilled with a horizontal drain of 637 feet (194 meters), met the producing formation (Carbonera C7 sands) at the highest structural position in the Ocelote field and confirmed its northern extension, which has significant impact in reserves classification.

Ocelote-7 was tested at 837 bopd with a flowing bottom hole pressure of 1,185 psi. Its current contribution to the total field production of 5,400 bopd (100%) is limited to 690 bopd in line with the present fluid treatment capacity of 6,500 barrels per day (oil+water).

Nine (9) producer wells have been drilled to date on the Ocelote field. Upgrading of surface treatment facilities is under way and could be increased, from December 18th, at 16,500 barrels of fluid which will result in an oil production for the Ocelote field of 9,000 bopd (100%).

The Guarrojo contract was signed with the ANH-National Hydrocarbon Agency in 2006. Current royalties applied on the production from the block are at 8%. Hocol operates and holds 100% of the permit.