Petrominerales Ltd. reports that its new oil well in Colombia has begun production, but output has been temporarily restricted by transportation problems over the holiday period.
The company, which is 67% owned by Petrobank Energy and Resources Ltd., said the Candelilla-1 well began production at 11,500 barrels of oil per day (bpd) using a pump.
However, the pump has been taken offline and the well is free-flowing at 7,400 bpd, Petrominerales says.
“Production has been temporarily restricted due oil transport limitations over the recent holiday period. We expect to resume production at the capacity of the well-site facilities later this week,” Petrominerales announced late Sunday.
For the fourth quarter of 2009, its production averaged at 24,557 bopd, a 60% increase over the fourth quarter of 2008 and a 14% increase over the third quarter of 2009.
Candelilla-1 is the second exploration well on the Guatiquia Block, which is on trend and contiguous with the south-west portion of the Corcel Block in the Llanos Basin.
(The Canadian Press)