Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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We really don't know what is at either site, more wells are required at both sites to determine the ultimate reserves - bear in mind we now have 4 oil discoveries in CPO-5 if you include Lot-1 and Sol-1 which could both be put into production.
I'm not convinced they really got to grips with Loto-1, another operator has just recently announced a successful well which if memory serves me right is no better than Loto-1 where high water cut was the problem not lack of oil.
CPO-5 will be seen as prolific just like Llanos 34 if we have success with the drill bit in the next year or so, I believe ONGC will keep their foot on the peddle now, and Amerisur should be gathering in very significant revenues. All shaping up nicely as long as Indico -1 flows reasonably well.
More likely than not Indico and Mariposa are part of a connected play-fairway. Reserve estimates are just that.
High reservoir pressure, relentless production flow rates and stable/zero OWC etc strongly support this. Add another 50-100ft to Indico and it’s a belter of a find. Indico also up-dip from Mariposa remember ;o)
The reserves attributed to Mariposa must be materially low otherwise the life of the well has c2 years left at these rates
The results press release mentions CPO-5 finds as a highlight of it's year
"•Achieved second consecutive success in Block CPO-5, Colombia. The well flowed at self-flow rate of appx. 4,000 BOPD with oil of 35.9° API. Importantly, first success in the same Block CPO-5 well where commercial oil of 40° API was discovered in 2017, is currently producing more than 4000 bopd. With above two wells, current production from CPO-5 is more than 8000 bopd."
Someone queried ONGC production figure of 8000bpd a couple of weeks ago as I recall, well according to the above Mariposa production has been stepped up to over 4000bpd (something AMER wanted) and combined OVER 8000bpd. On the basis of that Indico-1 is still suppressed as it had even better flow rates - perhaps that will be stepped up soon possibly when a long term test is approved.
If Mariposa can do 4000bpd (they tendered for production facilities recently so maybe that's to facilitate) I suspect Indico-1 could easily do 6000bpd+
http://www.ongcvidesh.com/ongc-videsh-declares-fy19-financial-results/