Hi CoachBob, thanks and good to see you here looking forward to your input. A small (4)but growing good crew here, like these companies that are expanding and increasing revenues. Luckily found Madalena through Maglan Capitals' investment in both mdlnf and gsat.
Was just reading about the Proa3 results below. xxxxxxxxxxxxxxx
Proa-3 Well Results on the Surubi Block in Formosa Province, Argentina
The Surubi Block is located within the Noroeste Basin of Argentina. Madalena Energy has an 85% working interest and is the operator. Recursos y Energia de Formosa S.A. retains the remaining 15% working interest.
Gran Tierra recently drilled, completed, tested and placed on-stream the Proa-3 development well. The well was drilled to a depth of approximately 3,920 metres and encountered oil in the Palmar Largo formation, as targeted. The well was perforated in the Palmar Largo formation between the depths of 3,858.5 metres and 3,866.5 metres and was subsequently tested.
Following the perforating and initial clean-up flow, bottomhole pressure gauges were set and the well was flow tested on three increasing choke sizes of 10, 12 and 16mm for 8 hours each. Oil rates and flow pressures stabilized for each choke setting at the following levels: 1,100 bbls/d oil at 505 psi, 1,240 bbls/d oil at 410 psi and 1,540 bbls/d at 300 psi, respectively. The water cut was stable throughout the flow test at approximately 3%. The well was then shut-in to record pressure build-up. Pressure gauges were subsequently recovered and the well was placed on production on June 16, 2014. The Proa-3 well is currently producing at gross rates of between 600 to 700 bbls/d of oil.
Oil production from the Proa-3 well has been included in the total corporate production rates estimated above at rates less than the test and initial production rates disclosed to account for expected declines. The Company plans to manage production from this well to maximize oil recovery from the Proa Palmar Largo oil pool.
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