“The results of drilling in Rancho Hermoso continue as expected, and together with five development wells planned for the field in 2011, we are online to meet our production target,” said Charle Gamba, executive director of Canacol.
Rancho Hermoso, in the Llanos Basin of eastern Colombia, currently produces 3,927 barrels per day (BPD) and it is hoped that the result of the development well will increase production to 5,000 BPD.
The results of the tests conducted by Canacol since December are positive and in line to meet the company’s net production target of between 10,000 and 11,000 BPD in 2011.
Canacol plans to drill four additional development wells in Rancho Hermoso starting late in the second quarter of 2011.
“2011 should be an exciting year for the corporation and its shareholders, with the drilling projects focused especially on exploration wells in Colombia and Guyana, five of which have the prospect of 100 million barrels of conventional oil,” said Gamba.
The company, which has operations and projects in Colombia, Brazil and Guyana, aims to increase its output to 35,000 barrels of crude oil per day by 2015.