PRESS RELEASE

Petroamazonas starts drilling activities in Block 60, Sacha

By
Wednesday, August 1, 2018

This press release from Ecuador's Petroamazonas was published using an automatic translation system.

The National Government, through Petroamazonas EP, started this Tuesday, July 31, 2018, the drilling of the Sacha-413D directional well located in Sacha, Block 60, province of Orellana.

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The drilling of the Sacha-413D well will have an estimated duration of 22 days until reaching a depth of 10186 feet; subsequently, two new wells will be drilled, one horizontal and one directional.

These works are contemplated in an action plan developed by the state oil company that seeks to increase production in this field, by at least 5,000 barrels per day, by drilling three new wells and five "re - entry" wells, with one approximate investment of USD 24.9 million.

This Field is developed by EP Petroamazonas, after the decision of the President of the Republic Lenin Moreno, last August. Since February 2016, no drilling processes had been carried out.

The Sacha field, considered one of the most important productive oil fields in the country, after Block 43-ITT, records a production of 67,000 barrels per day of oil, with an operating cost until June 2018, of USD 3.8 per barrel. Its reserves are estimated at 350 million barrels.

Currently, Petroamazonas EP produces around 415 thousand barrels of oil, in compliance with the oil production goals projected for 2018.