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Suroco Provides Update on Cohembi Field

Source: www.gulfoilandgas.com 9/10/2012, Location: South America

Suroco Energy Inc is pleased to announce that the Cohembi-8 appraisal well in the Suroriente Block has been placed on production. The Corporation also announces an average monthly production rate of 1,117 barrels of oil per day net after royalty in August.

Mr. Alastair Hill, the Corporation’s President and Chief Executive Officer commented, “Cohembi-8 is the fifth successful well we have brought on stream this year, maintaining a 100% success rate. Through this drilling we have extended the proven oil-bearing area and have confirmed a vertical oil column in excess of 150 feet, with no oil-water contact encountered.

Prior to Cohembi-8 coming on stream, crude oil production has averaged 1,117 barrels of oil per day net to the Corporation after royalty in August and 987 barrels per day in July. Importantly we have been able to add several new sales points in the Upper Magdalena area, which reduces our reliance on the Trans-Andean (“OTA”) pipeline, which has seen numerous disruptions this year. At the present time we have the ability to sell approximately half of the crude volume from the Suroriente Block on pipelines outside of the Putumayo Basin.”

Cohembi-8 Well
The Cohembi-8 well is the third successful well drilled from this surface pad and drilling will now focus on the central and southern areas of the Cohembi accumulation where at least five wells are planned. The Cohembi-8 well was spudded on August 12, 2012 and drilled directionally to the southeast from the Cohembi-4 surface pad. The Cohembi-8 well reached a total depth of 9,390 feet (8,696 feet true vertical depth), and encountered 13 feet of oil pay with no indication of an oil-water contact. The well has recently been completed and has commenced production at lower than expected rates, fluctuating around an average of approximately 150 barrels of oil per day (22 barrels of oil per day net to the Corporation after royalty). Further testing and analysis is underway to determine whether the well productivity can be improved through a workover or well stimulation treatment.

Operations Update
The drilling rig will now move to the Cohembi-2 multi-well pad, where two wells will be drilled in order to fully develop the area around the Cohembi-1 well, which is scheduled for conversion to water injection in October of 2012, thereby commencing the first stage of what will ultimately become a field-wide pressure maintenance scheme. This scheme is intended to increase and optimize the amount of oil which can be recovered from the original oil in place. Modeling and simulation results indicate that a recovery factor of 25-40% can be expected with a successful pressure maintenance scheme. Later this year the rig will commence drilling southern area delineation wells from the planned multi-well pad at Cohembi-6.

Production Update
For the month of August production from the Suroriente Block has averaged 1,117 barrels per day net to the Corporation after royalty and 987 barrels per day net to the Corporation after royalty for the month of July. The Corporation has not been affected by production disruptions since mid-August, due to the arrangement of alternative shipping routes to the OTA pipeline and a reduction in OTA pipeline disruptions. For the ten days of production prior to the start-up of the Cohembi-8 well, Suroriente Block production averaged 1,243 barrels of oil per day net to the Corporation after royalty.

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