RE: Weekend fun!1 Dec 2018 13:36
Rio Cullen and La Angostura Concessions
During Q3 2018, the San Martin discovery well (SM x-1001), located on the La Angostura concession, produced a total of 27,623 m3 (173,767 bbls) of 35 API gravity oil (gross). Daily oil production averaged 300 m3 (1,888 bbls) per day (net 155 m3 (974 bbls) per day). Total associated natural gas production during Q3 2018 was 1,592,533 m3 (56,232 mcf) (gross) or an average of 17,310 m3 (611 mcf) of gas per day (gross) (net 8,925 m3 (315 mcf) per day).
Two appraisal wells have been drilled on the San Martin structure. The first well (SM a-1002), located 0.8 km to the south of SM x-1001, was placed on production in August 2018. During the remainder of Q3 2018, daily oil production averaged 2,020 bbls per day (gross). The second well (SM a-1003), located 0.9 km north and west of SM x-1001, which failed to recover any production from the Tobífera during testing, will be fracture stimulated when frac services are available. See the MD&A and the Company’s October 5, 2018 news release “Crown Point Provides Update on Tierra del Fuego Operations” for additional information.
Las Violetas Concession
During August 2018, the Company and its joint venture partners drilled and cased one exploration well (LR x-1001) as a potential Springhill formation oil and gas discovery. LR x-1001 is located on a structure approximately 6 km to the south and east of the Rio Chico gas processing facilities. Initial completion operations have now been concluded on this well without positive results. The well will be fracture stimulated after operations to stimulate SM a-1003 have been completed.
LFE-1004, the last well in the Company’s 2014-2015 drilling program, was completed as a Tobífera gas well and placed on production in October 2018.
With reference to the figure in the recent report from Crown Point Energy we could potentially be looking at 2000 bopd
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