AIM listed Global Energy Development PLC, the Latin America focused petroleum exploration and production company, which operates in Colombia through its wholly-owned subsidiary Harken de Colombia Limited, announces another successful test result for the Tilodiran 3 well within the Colombian Rio Verde contract.
The Tilodiran 3 well was drilled directionally to a total depth of 13,200 feet and a conventional drill stem test ("DST") was performed in the Lower Gacheta formation. The interval was perforated from 12,806 to 12,814 feet resulting in a stabilized natural flow rate of 400 barrels of oil per day ("bopd") of 16.7 degrees API gravity with a water cut of 1.2% on a choke of 28/64" with a flowing wellhead pressure of 120 psi.
This successful test result follows the recent successful testing of the Ubaque formation within the well which tested at a stabilized natural flow rate of 322 bopd with a trace of water, reflecting the fact that the Ubaque formation was found structurally higher at this location.
The Company will now commence testing the Mirador formation where the presence of oil was also indicated during drilling. Like the Lower Gacheta, this formation is previously untested in the Tilodiran field.
Stephen Newton, Managing Director, commented on the successful well test:
"We are very pleased to report this successful Lower Gacheta oil test which is new pay production in the Tilodiran field. The test results indicate a high quality reservoir with associated gas which will enhance recovery rates from this reservoir.
Testing of the Mirador formation will begin shortly, the results of which will allow the Company to determine which formations, including the Upper/Middle Gacheta, previously fully tested in Tilodiran 2, will be completed for initial production. The Upper/Middle Gacheta formation has demonstrated a low decline rate in the Tilodiran 2 well since 2006 and is currently producing 520 bopd."
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