Frontera Hits Oil, Gas in Colombia
Toronto-based Frontera Energy has made a light oil and gas discovery in the Lower Magdalena Valley of Colombia, it said in a statement on February 6.
Frontera and its partner, fellow Canadian independent Parex Resources, drilled the La Belleza-1 well at the VIM-1 block to a depth of 11,680 ft, encountering a hydrocarbon-bearing reservoir in the Cienaga De Oro formation. During a 328-hour test period, the well flowed at an average rate of 2,395 b/day of oil and 10.7mn ft3/day of gas.
Flow tests will continue for another week, after which there will be a 30-day pressure build-up period, to provide additional information on reservoir pressure.
“We are excited that the first well with our partner Parex in the Lower Magdalena Valley has been a success,” Frontera CEO Richard Herbert said, describing the test results as “very encouraging.”
“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,” he said.
Frontera and Parex are weighing up options for drilling one or two more delineation wells in the second half of this year from the existing La Belleza well pad. They are also considering ways in which the discovered gas can be commercialised.
Frontera spudded another exploration well in the Lower Magdalena Valley recently, Asai-1 at the Guama block, which is also targeting liquids and gas.
“Over the court of 2020 and beyond, Frontera will look to increase its natural gas production in the Lower Magdalena Valley where we have excess gas processing capacity at the La Creciente field,” Frontera said.
Frontera farmed into the VIM-1 block last year taking a 50% stake from Parex. The company operates 43 blocks across Colombia, Ecuador, Guyana and Peru.