South American focused oil and gas group Gold Oil has reported that three wells on its Nancy Burdine Maxine fields in Colombia are set to be put on long term production. The wells – Burdine 1, 4 & 5 – have been undergoing maintenance but are said to be in good mechanical condition. They are now ready to be production tested, with Burdine 1 already flowing at an average rate of 220 barrels per day after initial testing. Gold Oil said that in light of the anticipated extra production levels it was expanding the production facilities at the Nancy field, which is less than 2km away from the Burdine wells. Elsewhere, the company has started reprocessing 2,013km of data from its acreage in Block Z34, offshore northern Peru. The amount of data that it has received is substantial and the work is taking longer than originally anticipated. Nevertheless, the company has already identified four potential geological structures very similar to the petroleum traps that contain proven and developed reserves of more then 300MMbbl (already produced and still producing) in the adjacent Block Z2B operated by PetroTech Peruana. The processing and interpretation team are now working on the area of deeper water that cover more than 60% of the Z34 area and where large turbidite structures may be present. Results for this area should be ready in the fourth quarter of this year. Gold Oil’s chairman, Mark Pritchard said: “I am pleased to report the increased reserves and production in the Nancy-Burdine wells that should show a significant increase in our cash flow from now on. The first results from the partial interpretation of the 2D seismic on Block Z34 are potentially very exciting and should lead to a major upgrade of the potential of this block.”

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