FIELD ACTIVITIES / Pacalta Resources Receives Reduced Pipeline Allowable
PACALTA RESOURCES LTD. RECEIVES REDUCED PIPELINE ALLOWABLE
CALGARY, April 24 /CNW/ - Pacalta Resources Ltd.'s 100 % owned Ecuadorian
subsidiary, City Investing Company Limited has received notice from the
Ecuadorian National Hydrocarbons Directorate (DNH) that all allowables into
the export pipeline system have been re-apportioned and that as a result, the
Company's allowable has been reduced to 17,597 from 19,550 BOPD.
The reduction in the allowable is attributable to an increased allocation
to other private producers and the re-allocation of the existing Mariann,
Tarapoa and Fanny fields and does not include any production from the new
discoveries at Dorine, Anne or Aleluya. Current ongoing development includes
plans to increase the capacity of production equipment on some of the wells.
The Company is currently awaiting final approval of the Dorine Development
Plan, and will immediately apply for new allowables from this field once this
approval is received. Current cumulative total well capability from the City
Block is in excess of 50,000 BOPD.
Development drilling in the Fanny pool is ongoing with the completion of
two wells on the second Fanny pad. The Fanny-20 pad development anticipates
up to 8 development wells will be drilled over the next 6 months. The Company
has also completed the drilling of its final commitment well Mariann 4A and
the fifth well in the Dorine pool, Dorine 8. Both wells have been cased as
potential oil producers and will be production tested over the next 3 to 4
weeks. The H&P 132 rig is currently moving to the Tipishca prospect on Block
27 where drilling will commence in approximately 1 week.
Pacalta is an international oil and gas exploration, development and
production company with common shares trading on The Toronto Stock Exchange
under the symbol PAZ. |
