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Guatemala: Citation Resources Atzam-4 well commences oil production operations


09 Jul 2013

Photo - see caption

Citation Resources has confirmed that oil production operations from the Atzam-4 well have commenced from the perforated 7 foot section in the Upper C17 carbonates (2846-2853ft). The reservoir pressure testing program was completed in late June and the Atzam-4 well has now commenced its commercial production operations at an initial, restricted flow rate of approx. 100 bopd using a small 8/64ths choke. This initial production flow rate has been restricted due to the current storage capacity constraints of the onsite oil tanks, with the Operator planning to increase the flow rate once the storage logistics are resolved.

Highlights

  • Production underway from the perforated section in the Upper C17 carbonates (2,846-2,853ft)
  • Strong initial production performance- flow rate restricted to 100 bopd on a small 8/64ths choke, well head pressure of 400 psi, production of 100% oil cut at 36 - 38° API and no water
  • Operator estimates a flow rate of 1,000 bopd on an open choke based on flow rates achieved from various choke sizes up to 32/64ths- optimal flow rate to be established in coming weeks
  • Current flow rate restricted due to limited onsite production storage tank capacity of 7,000 barrels- currently 3,000 bbls from Atzam #4 produced in tanks and ready for immediate sale
  • Upgrading of oil storage facilities underway, with negotiations advancing with offtake parties for current and future production
  • Reservoir pressure testing operations completed- independent reviews underway to produce updated well reserve report
  • Current Probable Reserve estimate of 2.3m barrels of oil in Atzam #4 well expected to be upgraded
  • Significant Upside Potential Remains Untested in Atzam #4- 13ft zone in Upper C17 with better logs than current producing zone will be perforated and tested in future production operations
  • Highly Prospective C13 and C14 carbonate zones remain untested above the C17 section, and are the main producing zones in the nearby Rubelsanto Field- produced over 30 mmbbl to date from 8 wells, 17km from Atzam Field
  • Operator advanced with Atzam #5 development well design and location- to be drilled in 2013

Click here for full announcement

Source: Citation Resources





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