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Centaurus Energy Inc. (Formerly Madalena Energy Inc.) Announces Production Test of Horizontal Multi-Frac Well Case-501(h) at Coiron Amargo Sur Este in Vaca Muerta Formation
Buenos Aires, Argentina--(Newsfile Corp. - January 15, 2020) - Centaurus Energy Inc. (TSXV: C...
About this update from Centaurus Energy Inc.
[{"type":"text","content":"Centaurus Energy Inc. (Formerly Madalena Energy Inc.) Announces Production Test of Horizontal Multi-Frac Well Case-501(h) at Coiron Amargo Sur Este in Vaca Muerta FormationBuenos Aires, Argentina--(Newsfile Corp. - January 15, 2020) - Centaurus Energy Inc. (TSXV: CTA) (OTCQX: CTARF) (\"Centaurus\" or the \"Company\") is pleased to announce Pan American Energy (\"PAE\"), Centaurus' Partner, successfully completed and tested the CASE-501h multi-frac well in the Vaca Muerta Shale Formation at the Coiron Amargo Sur Este (\"CASE\") block in Argentina. This is the second of a five well program.The well was drilled with an approximate horizontal lateral length of 2,000 meters at a vertical depth of approximately 3,100 meters. The CASE-501h was connected to early production facilities on November 9, 2019. CASE-501h achieved a 30 day average initial production (\"IP30\") rate of rate of 1003 barrels of oil per day with an average wellhead pressure of 4,885 psi, significant higher than the CASE-101h.The CASE-401h horizontal multi-frac well, the third of the five well program, was completed and connected to early production facilities on January 7, 2020. The Company expects to announce the CASE-401h IP30 results in due course.The CASE-501h and CASE-401h wells are part of the Pilot Program covered by the Loan Facility that Centaurus has with PAE which will be repaid with the net production proceeds from 100% of Centaurus's interest in the CASE block. Centaurus holds a 35% working interest in the CASE block.About Centaurus EnergyCentaurus is an independent upstream oil and gas company with both conventional and unconventional oil and gas operations in Argentina. The Company's shares trade on the TSX Venture Exchange under the symbol CTA and on the OTCQX under the symbol CTARF.For further information please contact:Jose David PenafielChief Executive Officeremail: [email protected]: (403) 262-1901 orEzequiel Martinez ArietCFOEmail: [email protected]: (403) 262-1901Jamie SomervilleHoot Research / Storyboard CommunicationsEmail: [email protected]: (403) 770-1545Reader AdvisoriesWell Test ResultsWell test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Neither a pressure transient analysis nor a well-test interpretation has been carried out on the w...