Canacol Energy Ltd. provide an update of the testing operations from the La Luna Formation in the Mono Arana 1 exploration well pursuant to the VMM2 Exploration and Production (E&P) Contract covering the Middle Magdalena Basin of Colombia. Canacol has a 20% non-operated working interest in this Contract, with ExxonMobil Exploration Colombia having a 70.1% working interest and Vetra Exploración y Producción Colombia having the remaining 9.9%.
As reported on January 24, 2013, the Mono Arana 1 exploration well encountered 230 feet (ft) of net oil pay within the naturally fractured Cretaceous La Luna Formation. The Corporation has a 20% working interest in this part of the VMM2 contract for the La Luna. Two flow periods have been completed in the La Luna naturally fractured reservoir within the well, with the final flow period yielding a gross rate of approximately 590 barrels of oil per day (bopd) of 22° API oil during the last hour of the 24 hour flow period.