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Petronova Upgrading Pendare Discovery Facilities

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Petronova Upgrading Pendare Discovery Facilities

PetroNova Inc. has announced its operational and financial results for the three months ended March 31, 2015.

Antonio Vincentelli, President and CEO of PetroNova said: "We are pleased with the performance of our Pendare discoveries and are upgrading our surface facilities to accommodate the additional production we expect from these wells. Given the current energy market conditions, PetroNova will continue to implement cost reduction strategies as we progress our exploration and development programs on each of our blocks."

Since January 1, 2015, the Company:

  • Completed a surface and communities survey of the unexplored central and southwestern areas of the PUT-2 block
  • Completed reprocessing of the 2D and 3D seismic acquired on the PUT-2 block, the results of which are currently being interpreted
  • Continued extended testing of the Atarraya-1 and Atarraya-4 wells, and the interpretation of the recently acquired Atarraya 3D seismic in the CPO-07 block
  • Continued the socialization process and negotiation of arrangements with military forces to obtain their support, which is required for the Company to initiate the preliminary field activities in preparation of drilling an exploratory well on its Tinigua block
  • Drilled the Pendare 3H and the Tillava Sur-1 wells in the CPO-13 block, fulfilling all of the Company's phase 2 commitments for the block. The Pendare 3H well has been incorporated into the ongoing extended testing of PetroNova's Pendare discoveries
  • Continued upgrading surface facilities to accommodate new production from Pendare 3H and Pendare-6
  • Reported gross production of 22,962 barrels from its extended production testing in the CPO-7 and CPO-13 blocks and sold 19,631 barrels during the first quarter of 2015. Sales of crude oil obtained during tests will be applied against exploration and evaluation assets until the commercialization phase is achieved
  • Continued to reduce its general and administrative expenses due to current energy market conditions

Outlook

PetroNova is continuing with its scheduled exploration plans and commitments and anticipates the following activities to occur during the remainder of 2015:

  • Complete the re-interpretation of the 2D and 3D seismic acquired on the PUT-2 block to define the next exploration activities for the block
  • Continue extended testing of discoveries on CPO-07 and CPO-13 and complete the upgrading of surface facilities to accommodate new production
  • Continue the socialization process, finalize military agreements, complete an environmental management plan, and commence civil works on the Tinigua block
  • In Colombia, extractive industries are experiencing delays in the process of acquiring drilling permits. While the Company continues to progress its exploration drilling program, part of this progress is dependent upon receipt of such government approvals or permits.