NG Energy to Evaluate Formations in Maria Conchita Field

After NG Energy International Corp. successfully drilled a well on the Maria Conchita block, where there is now a pipeline being built to deliver natural gas, NGE’s technical team and external consultants recently finalized a study to evaluate the formations in the Maria Conchita field as a whole.

Possible locations to be drilled for the field development and the benefits to re-enter Istanbul-1 and Tinka 1 (CNW Group/NG Energy International Corp.)
Possible locations to be drilled for the field development and the benefits to re-enter Istanbul-1 and Tinka 1 (CNW Group/NG Energy International Corp.)

"2020 was a transformational year for NGE as we successfully drilled an extremely successful well on the Maria Conchita block where we are currently building a pipeline to deliver approximately 20MMcfd to the premium priced Colombia gas market as Colombia's government continues to support natural gas as the chosen domestic fuel as a transition to green energy,” NGE Chief Executive Officer Serafino Iacono said. “As we wait on our permits for our flagship project SN9, which could host up to 1 TCF, we are excited to continue to develop our Maria Conchita block with this re-entry."

This study is based on the results obtained from the re-entry of Archura-1. The geophysics and petrophysics reinterpretation of the area was focused to determine the resources associated with the different prospective areas that existed and the new areas of the field, with the objective of establishing new locations to be drilled to develop the field and the feasibility of re-entering the existing wells, mainly Istanbul-1, which was drilled in 2018, and Tinka 1, drilled in 1988 and which tested up to 3 MMSCFD.

The studies performed in identifying new zones of possible accumulations in the limestone of the Tinka area and the sandstones of the Istanbul-1, Aruchara-1 and Tinka 1 area, led to the determination, according to the management estimates, that new prospective resources might exist based on a P50 level could reach a global total of 200 BCF, including the current certified reserves value (34,6 BCF). This study has identified five new possible locations to be drilled for the field development and the benefits to re-enter Istanbul-1 and Tinka 1.

Based on the study and the evaluation of the formation around the Istanbul-1 well the Company has determined to re-enter it as the second well to be rehabilitated on the Maria Conchita Block beginning in the second week of February, previous process with national authorities.  After recently completing a re-entry of the Aruchara-1 well to repair a gas leak, DST (Drill Stem Test) results provided important information on the resources for the potential production of gas.

Istanbul-1 Analysis

The petrophysical and the geological study of Istanbul-1 reached the following conclusions:

  • Identification, according to the new petrophysics interpretation and the well information, the interval at 8396'-8415', with good petrophysical properties of porosity and low water saturation. Additionally, the chromatography information from the mudlogging record indicated a good presence of gases in the interval.
  • This same interval, according to the seismic and geological study, is a new reservoir, with the possibility of providing a good production flow for the field and being able to be a target in the next wells to be drilled in the Block.
  • Another conclusion was that the interval at 8396'-8415' was not properly tested and has good prospects for providing good gas production potential.
  • The production potential for Istanbul-1 is estimated to be between 3 and 5 MMSCFD.

Taking all of this information into consideration, the Company will execute an exploration program that consists of a re-entry in the Istanbul-1 well, to test the identified interval.  This, along with the construction of the production facilities and the beginning of production of the Aruchara-1 well will allow an increase in the field's production capacity.

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