Hocol and LNG Energy Group announce successful drilling of well BO-5

The Bullerengue Oeste-5 well (“BO-5”) was successfully drilled and tested for the presence of gas and crude oil in the Atlántico department. The results of this well allow for the identification of a gas and crude accumulation to the west of the Bullerengue field, in the hanging block of the normal fault considered the main western boundary of said field. This new compartment will allow for the verification of new resources and reserves.

The BO-5 well is part of the Exploration and Production contract signed between Lewis Energy Colombia, Inc. (Operator, 50% WI), a subsidiary of LNG Energy Group Corp. (TSXV: LNGE), and Hocol, a company of the Ecopetrol group (50% WI) with the National Hydrocarbons Agency (ANH) in the SSJN-1 block, located north of the San Jacinto Fold Belt.

✓ The well is located 37.6 kilometers southwest of Barranquilla, in the jurisdiction of the municipality of Sabanalarga, Atlántico department.

Hocol, a company of the Ecopetrol Business Group, announces together with its partner LNG Energy Group and Operator of the SSJN-1 block, the successful drilling of the BO-5 well, which confirmed the presence of gas and crude oil in the Chengue Formation, the main producer in the Bullerengue field, where a potential for hydrocarbons was also identified in the Lower Porquero Formation, also a producing formation of the field. The BO-5 well was successfully drilled between October 1 and 22, 2023, reaching a total depth of 7,542 feet (2,299 meters).

The petrophysical interpretation of the electrical logs, the information acquired during the drilling of the well, and the results of the production tests indicate the presence of natural gas and liquid hydrocarbons in the sandy and limestone intervals of the Chengue Formation, of Eocene geological age, whose top was found at 7,134 feet (2,174 meters). Additionally, a shallower potential was identified in the Lower Porquero formation, which needs to be studied for future production. Currently, the companies continue to evaluate these results.

The well has been in flow testing for twenty-two (22) continuous days, flowing to the facilities of the Bullerengue Field. The tests have been conducted at choke sizes between 18/64 and 22/64 inches, producing in ranges between 1.0 and 2.5 MMSCFD of gas; and 30 and 80 BOPD of crude oil of up to 24°API. It is planned to conclude the work related to the testing period, which will allow for the establishment of the reservoir's productivity and its definitive connection to the facilities of the Bullerengue Field.

“The result of the BO-5 well supports our strategy that seeks to meet the growing gas demand of the country,” said Rafael Guzmán, president of Hocol.