Monday, April 20, 2015

Madalena Energy Operational Report


The country continues to move its projects forward in Argentina. The recently completed Loma Montosa horizontal well.

The PMS-1135(h) well on Madalena's Puesto Morales block, was successfully drilled and cased with a tapered mono-bore assembly to a total depth of 2,600 metres with a horizontal length of approximately 1,095 metres. The horizontal section had twelve open hole frac packers and ports while the main 5.5" casing string was cemented using a staged cement collar. Madalena then completed Argentina's first 12 stage ball drop frac operation. All 12 stages were completed using a hybrid slickwater/gel frac that pumped a total of 10,900 bbls of water and 360 tonnes of sand (approximately 30 tonnes per stage). Testing operations commenced on March 30, 2015 and the well has been flowing up 5.5" casing without a production string run. 

Over the last 24 hours, the well flowed a total of 860 boe/d including 480 barrels of oil per day (bopd) plus 2,300 mcf/d of gas at a flowing pressure of 530 psi and a 47% water cut. Cumulative production over the last 5 days was 2,140 barrels of oil (428 bopd) plus gas volumes. To date the well has recovered 4,931 barrels of water which is approximately 45% of the total water based frac fluid pumped. Although Madalena is very encouraged by this production test, it cautions that these results are not necessarily indicative of the long-term performance or of the ultimate recovery of the well. Madalena is currently proceeding to tie this well into its existing infrastructure and has a large inventory of horizontal development locations on the Puesto Morales block.

Good news and as oil prices pick up I suspect someone is going to step in buy Madalena. Especially if they keep having success. Up 74% so far with more to come in my view.

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