Highlights:
- The Bullerengue Oeste-5 (BO-5) well, located on the SSJN-1 block, encountered natural gas and oil pays at both the Chengue and Lower Porquero formations.
- The Company is currently performing the initial production tests.
- Production from the BO-5 well is already connected to the Bullerengue field facilities, allowing the Company to deliver the volumes from this well to the market.
LNG Energy Group Corp. (LNGE) (TSXV: LNGE.WT) (OTCQB: LNGNF) (FRA: E26) (“LNG Energy Group”) is pleased to announce that its wholly owned subsidiary, Lewis Energy Colombia, Inc. (“LEC”) along with Hocol, S.A. (a subsidiary company of Ecopetrol, S.A.) (“Hocol”), spudded the Bullerengue Oeste-5 (“BO-5”) well on October 1, 2023 at the Sinú San Jacinto Norte 1 block (“SSJN-1”), crossing the Lower Porquero formation and targeting the Chengue formation, and ultimately reaching a total depth of 7,542 feet measured depth (“MD”) on October 22, 2023. The Company currently has production from multiple wells from both formations. The Company has a 50% working interest in the SSJN-1 block and Hocol has the remaining 50% working interest.
The Company has conducted production tests in the Chengue formation for 30 continuous days, delivering approximately 1.0 to 2.5 MMcf/d of natural gas and 30 to 80 bbl/d of oil at up to 21°API. The production tests have been performed at chokes between 18/64 and 22/64 inches. The BO-5 well is already connected to the existing Bullerengue field facilities and volumes can be delivered to the market.
“We are extremely pleased to announce we have successfully drilled the BO-5 well, proving the presence of gas and oil at the northwest, undrilled compartment of the Bullerengue field. This discovery is important because it allows for the identification of a new accumulation of crude oil and gas to the west of the existing Bullerengue field in the hanging block of the normal fault, which is considered the main limit of the field. This discovery, which is associated with a structure near the Bullerengue field, should allow for the addition of new gas and crude oil reserves,” commented Pablo Navarro, Chairman and Chief Executive Officer of the Company. “The presence of both natural gas and oil production is very promising in terms of short- and long-term production growth opportunities. Our hats go off to the LEC and Lewis Energy Group teams as well as to our partner Hocol for making this a success.”
