Frontera Energy pulls off oil and gas discovery in VIM-1 block, Colombia
Frontera Energy and Parex Resources have pulled off an oil and gas discovery in the VIM-1 block in the onshore Lower Magdalena Valley basin in Colombia through the drilling of the La Belleza-1 exploration well.
Both the Canadian oil and gas companies hold a 50% stake each in the VIM-1 block.
According to Frontera Energy, the La Belleza-1 exploration well was drilled to a total depth of 11,680 feet when it had encountered a total of 179 feet of potential hydrocarbon-bearing reservoir in the Cienaga De Oro formation.
The Canadian oil and gas company said that drilling operations were stopped in order to test the open hole section. Under natural flowing conditions, the well was tested over a 328-hour period, and was found to have produced a total of 32,728 bbls of 43 degree API oil, 147 mmcf of natural gas, and 3,996 barrels of water.
Frontera Energy said that the La Belleza-1 well will be flow tested for one more week followed by an extended 30-day pressure buildup period which is expected to give further information on the final reservoir pressure.
Frontera Energy and Parex Resources are exploring options to drill one or two additional delineation wells in the second half of this year from the existing La Belleza well pad.
The Canadian oil and gas companies are also studying multiple options for gas commercialization and infrastructure requirements.
Richard Herbert – Frontera Energy CEO said: “We are excited that the first well with our partner Parex in the Lower Magdalena Valley has been a success. Testing results from the La Belleza-1 well on the VIM-1 block are very encouraging, especially given the limited capacity of the testing equipment on site.
“The well’s combination of light oil and natural gas complements our overall portfolio mix of light and heavy crudes and our strategic goal to increase the portion of natural gas in our production profile.”
In a separate development, Frontera Energy revealed that it had recently started drilling of the Asai-1 exploration well on the 100% owned Guama block, which is also located in the Lower Magdalena Valley basin.
The goal of the Asai-1 exploration well is to target a primary objective oil, natural gas condensate, and natural gas structure in the Porquero formation at about12,000 feet. The well is likely to take nearly 75 days to drill with results expected to come out in May 2020.