Recent results from condensate and gas analyses validate pre-drill predictions that the Calima Lands are located within a liquids-rich sweet spot.
Gas compositions are very similar to those of adjacent wells where approximately 70% of the liquids recovered, in association with the gas, are higher-value condensate or light oil, with the remainder being natural gas liquids (NGLs) such as ethane, propane and butane (pre-drill estimate 50%).
The condensates or light oils recovered from the Calima gas samples are also similar in terms of their physical and chemical characteristics to those recovered from adjacent wells.
The gas and liquids analyses will be a key input to the revised McDaniel and Associates reserves audit expected in May 2019.