Suroco Energy Inc. announce the following guidance on its planned 2014 drilling activity, capital spending and forecast production in addition to an update on its operational activities in Colombia.
Mr. Alastair Hill, the Corporation's President and Chief Executive Officer commented, "The impact of the Quinde 'N' sand discovery which we made at the very end of 2013 delayed the release of this guidance note, but has allowed us to revise upwards our forecast production numbers with a projected 71% increase over 2013 and has altered our drilling plans with the first half of 2014 drilling now focused on Quinde development.
The strong early production from the Quinde-4 well and the intention to drill at least two more Quinde wells underpins this forecast for increased production and our expectation of adding material new volumes of booked reserves during 2014. In Cohembi, the expansion of the waterflood project has allowed increased oil production from the southern half of the field, and with additional water injection and drilling we expect to be able to increase the current oil production plateau. In addition to our development drilling program, we expect to be drilling exploration wells targeting the 'N' sand in both the Alea 1848A Block (where we hold a 50% working interest) and the Suroriente Block."