Centaurus Energy Inc. (formerly Madalena Energy Inc.) Announces "ip90" Production Tests of Horizontal Multi-frac Wells Case 101(h) and Case-501(h) at Coiron Amargo Sur Este in Vaca Muerta Formation

Source Company Press Release
Company Centaurus Energy Inc.
Tags Corporate: Overview/Strategy, Country: Argentina, Upstream: Upstream News
Date April 14, 2020

Centaurus Energy Inc. (TSXV: CTA) (OTCQX: CTARF) ("Centaurus" or the "Company") is pleased to announce, that  Pan American Energy ("PAE"), Centaurus' partner, successfully tested the CASE-101(h) and CASE-501(h) horizontal multi-frac wells in the Vaca Muerta shale formation at the Coiron Amargo Sur Este ("CASE") block in Argentina. PAE holds a 55% working interest in, and is the operator of, the CASE block.

Centaurus' Interim CEO, David Tawil, commented: "We are pleased with the short- and medium-term production results in the CASE block, and we are encouraged by our ongoing partnership with Pan American Energy."

As announced on September 26, 2019, PAE successfully completed and tested the first horizontal multi-frac well CASE-101(h) in the Vaca Muerta shale formation at the CASE. CASE- 101(h) is the first of the five well program, was completed and connected to early production facilities on August 8, 2019 and achieved a 30 day average initial production ("IP30") rate of 1,020 barrels of oil per day with an average wellhead pressure of 3,775 psi.

CASE-101(h) achieved a 90 day average initial production ("IP90") rate of 730 barrels of oil per day with an average wellhead pressure of 2,975 psi.

As announced on January 15, 2020, CASE-501(h), the second horizontal multi-frac well of the program, was completed and connected to early production facilities on November 9, 2019 and achieved an IP30 rate of 1,003 barrels of oil per day with an average wellhead pressure of 4,885 psi.

CASE-501(h) achieved an IP90 rate of 1,020 barrels of oil per day with an average wellhead pressure of 3,995 psi.

As announced on March 30, 2020, CASE-401(h), the third horizontal multi-frac well of the program, was connected to early production facilities on January 7, 2020. CASE-401(h) achieved an IP30 rate of 950 barrels of oil per day with an average wellhead pressure of 4,600 psi.

The Company expects to announce the CASE-401(h) IP90 results in due course.

CASE-301(h), the fourth horizontal multi-frac well of the program, was completed and connected to early production facilities on February 3, 2020. The Company expects to announce the CASE-301h IP30 results in due course.

The CASE-102(h), the fifth horizontal multi-frac well of the five well program, which was drilled in replacement of the CASE-201(h) well that was temporarily abandoned due to drilling technical problems, is currently awaiting completion.

The CASE-101(h), CASE-501(h), CASE-401(h), CASE-301h, CASE-201(h) and CASE-102(h) wells are part of the Pilot Program covered by the Loan Facility that Centaurus has with PAE which will be repaid with the net production proceeds from 100% of Centaurus's interest in the CASE block. Centaurus holds a 35% working interest in the CASE block.

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd