PENTANOVA TO DEVELOP MARIA CONCHITA FIELD IN COLOMBIA

January 22, 2018

PentaNova Energy is mobilizing a drilling rig to further develop its natural gas resources in Colombia’s Maria Conchita gas field.
The Maria Conchita field consists of two major gas discoveries with a 2P reserves base of 112 BCF, and additional development and exploration upside. The field is adjacent to the Ballena-Chuchupa complex, Colombia’s largest gas field in the Guajira region of Colombia.
Ballena-Chucupa, in the Guajira region of Colombia, currently produces roughly 30% of the country’s gas. The existence of two trunk pipelines on both sides of the Maria Conchita field enable the company to bring online gas production to market economically. The initial well is being drilled on the Aruchara, a proven gas field,
“This is another major step in PentaNova’s strategy to become one of Latin America’s significant energy producers by unlocking major energy assets in Colombia and Argentina,” said Serafino Iacono, Chairman of PentaNova. “The Maria Conchita block has great potential to be a highly productive gas development that will provide energy to a part of Colombia that has a real need for additional energy.”
The 2000 HP drilling rig being mobilized is a high efficiency AC powered unit with a 500 ton Top Drive. Once on site, it will take approximately 30 days to drill and test the well. The initial well, being drilled on the Aruchara proven gas field, is expected to be roughly 9000 feet in total depth. Results from this well will be evaluated to further optimize the path forward to bring the Maria Conchita block onto production.
PentaNova Energy, headquartered in Vancouver, is a publicly traded company developing oil & gas resources in Latin America. We are bringing our proven expertise, technology and new investment to develop world-class — yet still under-valued —energy assets in oil and natural gas. We have acquired — and are actively developing — major heavy oil fields in Argentina, containing billions of barrels of resources. In Colombia, we are developing natural gas projects to produce the electricity for communities and industry. Our mission is to help develop the energy for Latin America’s future.