Canacol Energy Ltd. says that Clarinete 1, the first exploration well drilled in its recently acquired VIM 5 Exploration and Production Contract, has tested at a final gross rate of 24.7 million standard cubic feet per day (mmscfpd) (4,333 boepd) of dry gas with no water from the Upper Cienaga de Oro (CDO) reservoir in the second of two production tests over two separate reservoir intervals.
As previously reported, the Lower CDO tested at a final gross rate of 20.6 mmscfpd (3,606 boepd) of dry gas with no water. The combined gross deliverability of the Clarinete 1 well from both intervals is approximately 45.3 mmscfpd (7,947 boepd). Canacol, through its wholly owned subsidiary CNE Oil & Gas S.A.S., holds a 100% operated interest in the VIM 5 E&P contract.
Pursuant to an existing agreement, and subject to approval from the Agencia Nacional de Hidrocarburos, an industry joint venture partner has the ability to earn up to 25% of the Corporation's 100% interest in exchange for fulfilling certain financial commitments.