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Crown Point Completing, Production Testing Exploration Wells in Q3

Share Print Bookmark    |    Monday,July 27,2015

Crown Point Energy Inc. has provided an operational update of its ongoing development, exploration and recompletion program at its 25.78%-owned Tierra del Fuego (TDF) Las Violetas concession, and its 100% owned Cerro de Los Leones concession in the Neuquén Basin.

Tierra del Fuego Operational Update

Additional Three Well Drilling Program Completed in Las Violetas

Crown Point has completed its program to drill three additional wells on its Las Violetas concession:

• LV-112 was completed on June 4, 2015. During 41 hours of production testing from the Springhill formation, the well flowed gas for 21 hours through a 12mm choke at an average gross rate of 4.85 million cubic feet (mmcf) per day, plus liquids at an average gross rate of 80.5 barrels (bbls) of oil per day (bopd) and 3.6 barrels of water per day at a flowing well head pressure of 87 kg/cm2. Then, for 20 hours of subsequent production testing through a 16mm choke, the well flowed gas at an average gross rate of 6.81 mmcf per day, plus liquids at an average gross rate of 79.8 bopd and 15.5 barrels of water per day with a flowing well head pressure of 69 kg/cm2. The cumulative volumes recovered during testing were 13.7 mmcf of gas, 187.8 bbls of oil and 44.6 bbls of water. The well was tied into existing Las Violetas facilities and placed on production on June 27, 2015.
• LFE-1001 was fracture stimulated in July 2015 and is awaiting post frack clean out.
• SLx-1004, a one kilometre northern offset to exploration well SL x-1003, was cased as a potential Springhill gas well with an estimated seven metres of potential gas pay. The well has been slated for fracture stimulation in August 2015.

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Las Violetas Puesto Quince Well Exploration Well Test

• PQ x-1001, the second exploration well, was fracture stimulated in May 2015 and flowed frack fluid, water and 40° API oil with oil cuts ranging between one and 40%. During a six day swab production test of the Springhill formation, the well produced a total of 3,475 bbls of fluid comprised of 324 bbls of oil (9% of total volume recovered), 1,199 bbls of formation water (34.5% of total volume recovered) and 1,952 bbls of treatment fluid (56.2% of total volume recovered). During testing, the well produced oil, formation water and fracture stimulation fluid at an average gross rate of 54 bopd, 200 bbls per day and 325 bbls per day, respectively. Pumping equipment and production tanks are being installed for a long term production test which is expected to commence in August 2015.

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Los Flamencos Eight Development Well Drilling Program

Update on the final four wells of its eight development well drilling program in its Las Violetas concession:

• LF-1028, the fifth development well, suffered mechanical problems while running casing, and remedial work is planned for the third quarter of 2015, after which it is anticipated that the well will be completed and tested.
• LFE-1003, the sixth development well, was recently fracture stimulated and is undergoing post frack clean out.
• LF-1029, the seventh development well, has been fracture stimulated and is waiting for a post frack coiled tubing clean out.
• The final well, LFE-1004, will be completed and production tested in the third quarter of 2015.

Three 3-D Seismic Acquisition Programs

• The Company has completed the acquisition of new 3-D seismic in Tierra del Fuego, comprised of 58 km2 on the Rio Cullen concession, 49 km2 on the Angostura concession and 103 km2 on the Las Violetas concession. Processing of the Rio Cullen data set has been completed and interpretation is underway, with processing of the Los Violetas and Angostura data ongoing. 
• strong>The Company will use the newly-acquired seismic data to review its plans to drill an exploration well on each of the Angostura and Rio Cullen concessions in the fourth quarter of 2015.

Cerro de Los Leones – Re-entry program

• In the fourth quarter of 2015, Crown Point plans to re-enter and retest two older wells drilled by YPF: Vega del Sol x-1 and Vega del Sol x-3, whose logs and sample descriptions indicate the potential for bypassed oil pay in the Neuquén group.

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