C&C Energia Ltd. provides an update of its Zopilote discovery in Colombia.

Appraisal drilling is continuing in C&C's 100% working interest Zopilote field located on the west side of the Cravoviejo block. Zopilote-1, drilled in March 2011, has produced just over 240,000 barrels of 32.7 degrees API oil and the well remains on natural flow of 1,400 bbls/d on a 30/64" choke at 150 PSI flowing tubing pressure. Production is from 37 feet of net pay in a C-5 reservoir. Additionally, the Gacheta formation tested 800 bbls/d of 17 degrees API oil from 20 feet of net pay in the Zopilote-1 well. Both zones have been completed and the well currently is only producing from the C-5 Formation.

C&C recently drilled two wells, Zopilote-2 and Zopilote-5, both south of the Zopilote-1 discovery well to appraise the size of the Zopilote field. Zopilote-2 discovered 26 feet of net pay in the C-5 Formation and 62 feet of net pay in the Gacheta Formation. The C-5 reservoir has been completed and is producing 800 bbls/d of 33 degrees API oil on a 16/64" choke at 300 psi flowing tubing pressure. Additionally, the Gacheta Formation in the Zopilote-2 well tested approximately 400 bbls/d of 17 degrees API oil. Both zones have been completed and the well is currently producing from the C-5 reservoir.

C&C's latest appraisal well, Zopilote-5, was drilled and cased to a total depth of 10,192 feet. The Gacheta formation was completed and tested at 420 bbls/d over the interval of 9,736-9,748 feet. C&C plans to also complete the two C-5 sands between the interval 8,810-8,838 feet within 7 to 10 days.

Before the end of the year C&C plans to drill and complete two additional wells on the north end of the Zopilote field. The Corporation will finalize its production plans for the Zopilote field after full appraisal of all test results to determine how to most effectively produce both the C-5 and Gacheta reservoirs.

C&C's production for the month of October averaged 10,250 bbls/d.

In other developments, C&C recently commenced construction of civil works for the Tardigrado-1 and Cacholate-1 wells to be drilled on two separate prospects on C&C's Andaquies block in the Putumayo basin, C&C is the operator with 54% working interest. C&C plans to spud the first well in December 2011. On the Llanos 19 block C&C has received drilling permits for two wells, Langur-1 and Tormento-1, and civil works for these locations have commenced. C&C has 100% working interest in the Llanos 19 block.

Tags: C&C Energia Ltd