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Wellbore's Portfolio Oil Stock ~ 1of 6
Wellbore's Portfolio Oil Stock ~ 1of 6
45 Reads | 0 Comments | Posted on August 18, 2010
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C&C Energia Ltd.’s initial public offering closed on May 25, 2010, with trading beginning on the Toronto Stock Exchange on that date.
C&C Energia Ltd. ("C&C" or the "Corporation") is a publically traded, independent oil and gas company that trades under the symbol “CZE” on the Toronto Stock Exchange (“TSX”). The Company’s operations are in Colombia, South America with offices in Bogota, Colombia and Calgary, Alberta, Canada. C&C currently operates 95% of its oil production, holds interest in 9 blocks in Colombia totaling 766,500 acres (587,000 net acres), and has over 50 full time employees in Colombia. All of C&C’s production growth since incorporation in 2005 has come by way of drilling success on the Company’s lands.
C&C Energia reported record results for the second quarter 2010 highlighted by a 81% increase in average daily production from the second quarter 2009 to 5,561 barrels of oil per day ("bopd"), funds flow from operations of US$20.6 million and net income of US$10.5 million. Production continues to increase with current production rates, of approximately 7,000 bopd. The Corporation estimates that full-year production should average between 5,600 and 5,700 bopd based on the year-to-date average production rates combined with the current production rate, assuming no significant additional production comes on-stream and taking into account natural production declines. C&C Energia has a strong balance sheet with a US$62.8 million adjusted working capital surplus and no debt. This financial flexibility allows the corporation to execute its largest capital program to-date in 2010.
April 7, 2011
C&C Energia Ltd. Provides Operational Update
CALGARY, ALBERTA--(Marketwire - April 7, 2011) - C&C Energia Ltd. ("C&C Energia" or the "Corporation") (TSX:CZE) is pleased to provide an update on its 2011 operations.
The Zopilote-1 exploration well in the Cravoviejo Block (100% working interest) has been successfully drilled, cased and 2 zones have been tested. The Gacheta formation showed 20 ft. of net pay and the sands over the interval of 8,762 - 8,766 ft. were perforated and tested. Swabbing results yielded a flow rate of 800 bopd at a 0.2% BSW with an API of 17.3 degrees. A second test, of the Carbonera C5 formation, showed 37ft. of net pay and the sands over the interval of 7,927 - 7,934 ft. were perforated and tested. Natural flow at 355 psi on a 16/64 choke yielded a rate of 1,003 bopd at a 0.3% BSW with an API of 32.7 degrees. The well is currently being equipped to be a Carbonera C5 producer.
"The Zopilote well is very encouraging," said Richard Walls, President & CEO. "The well is the first exploratory test on the west side of Cravoviejo and there are 3 additional undrilled structures along the same fault system that we hope to test later this year and in 2012."
The Guacharaca-1 exploration well in the Cachicamo Block (30% working interest, subject to increase to 100% if the previously announced acquisition of the remaining 70% interest in the Cachicamo block is completed) has been successfully drilled, cased and 2 zones have been tested. The Gacheta formation showed 15 ft. of net pay and the sands over the interval of 8,129 - 8,134 ft. were perforated and tested. Jet pump testing yielded a flow rate of 114 bopd at a 43% BSW with an API of 27.7 degrees. A second test, of the Carbonera C7, formation showed 11 ft. of net pay and the sands over the interval of 7,242 - 7,252 ft. were perforated and tested. Jet pump testing yielded a flow rate 990 bopd at a 40.5% BSW with an API of 27.7 degrees. The well is currently being equipped to be a Carbonera C7 producer.
The Hoatzin Norte-3 appraisal well in the Cachicamo Block has been successfully drilled, cased and tested in the Carbonera C7 formation. The Carbonera C7 formation showed 22 ft. of net pay and the sands over the interval of 5,953 - 5,959 ft. and 5,962 - 5,966 ft. were perforated and tested. Natural flow yielded a rate of 530 bopd at a 5.0% BSW with an API of 26.3 degrees. The well is currently on production as a Carbonera C7 producer.
The Corporation has received all of its permits and plans to spud a well on the Asmodeo-1 prospect on the Pajaro Pinto Block (50% working interest, subject to increase to 100% if the previously announced acquisition of the remaining 50% interest in the Pajaro Pinto block is completed) during the week of April 11, 2011. The well will take approximately 22 days to reach TD of approximately 9,800 ft. C&C holds a 50% working interest and is the operator.
Middle Magdalena Valley
The Baco-1 exploration well on the Morpho block (50% working interest) in the Middle Magdalena Valley has been suspended after a long term production test. Testing of the 2 sand formations found in the well yielded formation water. Pressure data has been acquired and the wellbore is currently suspended pending further evaluation. C&C holds a 50% working interest and is the operator.
As reported in the Corporation's February 28, 2011 press release, production in January and February 2011 was impacted by trucking and terminal offloading issues. As a result of these events, the Corporation was forced to shut-in approximately 29% of its production (approximately 2,000 bopd) in January and February due to high inventories in the field. C&C Energia has placed considerable attention to ensure production volumes move unabated. C&C has contracted additional trucks dedicated to move the Corporation's oil production to offloading points. As a result the disruptions experienced in January and February have been significantly reduced. Offloading terminals remain congested resulting in trucking standby charges and increased trucking distances but have had minimal impact on daily production volumes during March. C&C continues to monitor the situation to ensure any possibility of future disruptions and impacts are minimized. The Corporation is currently producing at approximately 7,100 bopd.
ABOUT C&C ENERGIA LTD.
The Corporation, through its subsidiary Grupo C&C Energia (Barbados) Ltd., is engaged in the exploration for, the development and production of, oil resources in Colombia. Its strategy is to develop producing oil assets by appraising and developing existing discoveries and exploring in areas assessed by management to be of low to moderate risk. With a total of nine blocks (seven operated) and over 586,000 net acres in Colombia, the Corporation's management expects that C&C Energia has considerable upside for future production and reserve growth.
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