Managing Director Serge Hayon commented:
“We are excited with the results of our initial review of Piedra Redonda gas field which contains an independent best estimate of 404 billion cubic feet (2C gross) with additional low-risk upside of 2.2 trillion cubic feet of gas (2U gross) within the Mancora Formation updip of C-18X discovery well.
“The C-18X well demonstrated strong gas flow rates from a limited 36 feet interval out of an estimated 152 feet total net pay in the Mancora Formation which underlines the significant well deliverability potential and supports multiple standalone development options.
“We will incorporate insights from our technical review and updated interpretation of the recently reprocessed 3D seismic data over the Piedra Redonda Gas Field to deliver an updated Independent Resource Assessment to support selection of future potential well locations and advance development planning.
“In light of the positive technical review we are commencing further commercial and feasibility studies for a conceptual gas-to-power project development plan to determine the optimal commercialisation pathway for the Piedra Redonda Gas Field.
“Developing a commercial gas project at Piedra Redonda would not only realise the value of this asset but also allow access to additional undeveloped gas in the Tumbes basin.”
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