Snowcap Oilfield Discovery (Columbus, 83.8%)
Snowcap provides an exciting, low-risk new development opportunity which can add significantly to Columbus existing portfolio of production assets. The Snowcap Field is thought to contain 1.8 MMbbl of reserves.
The Snowcap-1 well was drilled in 2010 and a flow test performed in February 2011 during which time the well flowed 29.5-degree API oil. Two subsequent extended production tests produced at sustained rates of approximately 250 bopd on 7 -12/32″ choke size (in 2012) and at 80 bopd oil (in 2015) with an emulsion mix due to possible water influx from a deeper sand.
Columbus intends to begin a phased development of the Snowcap Field with the first step being re-start of commercial sales and further evaluation of the Snowcap-1 well using existing infrastructure.
- Snowcap Field contains 1.8 MMbbl of reserves
- Snowcap-1 has produced 11,400BBLs of oil on test to date
- Snowcap-2ST-1 oil zones to be tested
- Existing Snowcap production facility to be re-activated in 4Q 2018
- Cory Moruga License area subject to further exploration review