RE: RNS22 Jan 2019 07:08
Highlights:
· Preliminary results of independent reserves report (assuming conservative production parameters) on CPO-5 (Amerisur 30%) indicates gross 2P reserves of 22.7 MMBO at Indico-1X and 2.9 MMBO at Mariposa as at 17 January 2019 Reserves report attributes mean gross prospective resources of 49.3 MMBO to the LS3 play around the Indico and Mariposa discoveries which are the targets of a new upcoming drilling programme
· Indico-1X currently producing under choked natural flow at approximately 5,130 BOPD
· Mariposa-1 continues to produce in natural flow at approximately 3,150 BOPD, with the field development plan under preparation by the operator
· 2019 work programme targeting:
o 49.3 MMBO from a minimum of four additional wells from the Indico pad to determine the prospectivity of the area within the LS3 play
o Drilling of the first of up to six wells on Coendu structure (Put 9 and Put 12) is expected to begin in Q3 2019
o Miraparriba-1 expected to spud in H1 2019 on Put-8
· Group average daily production in Q4 2018 was 4,602 BOPD, with peak daily production 5,405 BOPD. Production was impacted by completion issues in Platanillo 22 and 8. Current production rate is 5,426 BOPD
· Ministry of Mines and Energy of Colombia approval to begin the purchase and shipping of third party crude via the OBA expected in H1 2019