Post Tagged with: "Columbia"

GeoPark Production Moves to 35 MBOEPD

GeoPark Production Moves to 35 MBOEPD

Latin American E&P operator GeoPark Limited (ticker: GPRK) released a production update today, noting that current production is currently at 35 MBOEPD. This figure includes production from the recent Argentina acquisition. Oil production increased by 33% to 27,345 BOPD (up 8% compared to Q4 2017) Colombian oil production increased by 37% to 26,303 BOPD (up 8% compared to Q4 2017) Gas production increased by 3% to 29.1 MMcf/d (down 9% compared to Q4 2017) Oil production increased by 33% to 27,345 BOPD (up 8% compared to Q4 2017) Colombian oil production increased by 37% to 26,303 BOPD (up 8% compared to Q4 2017) Gas production increased by 3% to 29.1 MMcf/d (down 9% compared to Q4 2017) In Columbia, the Tigana Norte 6, Tigana Norte 7 and Jacana 20 development wells have been drilled, tested and put on production, adding approximately 3,000 BOPD gross in the Llanos 34 block (GeoPark[Read More…]

Frontera Drums Up 70 MBOEPD in 2017, Plans 2018 Encore

Frontera Drums Up 70 MBOEPD in 2017, Plans 2018 Encore

Frontera Energy Corporation (ticker: FEC) reported a net loss of $217 million, or $(4.33) per share for 2017. In Q4 2017, the company posted a net loss of $33 million, or $(0.65) per share. The company attributed the year’s loss to impairment charges in the aggregate amount of $123 million and mark to market loss on risk management activities of $72 million. Production reached 64.5 MBOEPD and 70.1 MBOEPD (38% heavy oil, 54% light and medium, 8% natural gas) for Q4 and the full year of 2017, respectively. Net production for 2017 was 32% lower compared with the previous year as a result of the loss of the company’s right to exploit the Rubiales field – the company’s largest producing field in 2016. Frontera drilled 94 development wells and three exploration wells in 2017, compared to 27 total wells in 2016. In Q4, the company drilled 39 development wells while[Read More…]

Canacol Energy Ltd.: Largest Caribbean Supplier of Natural Gas

Canacol Energy Ltd.: Largest Caribbean Supplier of Natural Gas

Calgary’s Canacol Energy Ltd. (ticker: CNE) recorded a net loss of USD$148 million for the year ended December 31, 2017, or $(0.48) per share – this compares to a net income of $23.6 million for the same period in 2016. For Q4 2017, the company had a net loss of $150.3 million, or $(0.85) per share – this compares to a net income of $20.3 million in Q4 2016. According to the company, the net losses in the three months and year ended December 31, 2017 were mainly driven by non-cash impairment charges related to the corporation’s assets held for sale, non-cash impairment charges recorded as a result of relinquishment or planned relinquishment of certain exploration blocks, non-cash depletion and depreciation charges, non-cash stock based compensation expenses and non-cash deferred income tax expenses. Net capital expenditures, including acquisitions for Q4 and 2017, were $41.7 million and $121.2 million, respectively. In[Read More…]

Image: Oil & Gas 360

Ecopetrol Makes 2nd Oil Discovery in Columbia, $3.5-$4 Billion Investment Plan

Ecopetrol (ticker: EC) said that the Coyote-1 well confirmed the presence of oil in the Middle Magdalena Valley basin in Santander. The finding was recorded between 2,042 and 2,177 meters in depth, confirming the presence of medium crude. The API ranges between 25°-28°, which is lighter and more liquid than heavy Colombian crudes in the Esmeraldas formation. The Coyote-1 is one of the exploratory projects that Ecopetrol and Parex Resources Inc. (ticker: PXT) are sharing 50-50 in the De Mares block. This is the two companies’ second finding in Santander this year. “The new finding will ensure synergies and competitive advantages in the region, thanks to installed capacity and operations at the La Cira-Infantas, Lisama and Colorado fields, as well as the proximity of the Barrancabermeja refinery,” said Ecopetrol. “All of this production, transport and refining infrastructure is within a distance of 26 kilometers.” The company’s first Santander discovery was[Read More…]

Gran Tierra Energy Producing Almost 30 MBOEPD in Colombia and Brazil

Gran Tierra Energy Producing Almost 30 MBOEPD in Colombia and Brazil

Headquartered in Calgary and with its main operations in Colombia, Gran Tierra Energy, Inc. (ticker: GTE) averaged 29,879 BOEPD in its first quarter of 2017. Q1 activity During its first quarter of 2017, Gran Tierra recompleted its Costayaco-2 well into the “A” Limestone. This marks the third well producing out of the “A” Limestone. The company also drilled its Costayaco-28, which is the first horizontal well dedicated to producing out of the “A” Limestone. Following its completion in May, 2017 the Costayaco-28 is producing 1,053 BOPD and is still undergoing cleanup. As of early June, Gran Tierra’s second “A” Limestone well had been spudded and reached the horizontal casing point. In looking forward into 2017, the company predicted that its average 2017 production would be between 34,000 and 38,000 BOEPD from both the company’s assets in Colombia and Brazil. Gran Tierra expects that its Brazil operations will contribute between 1,200[Read More…]