Emerald Energy Ltd (EMEM) said on Thursday its well no.6 in the Capella field in Colombia encountered net potential hydrocarbon level much higher than the previously recorded levels in the field.
The company said it encountered net potential hydrocarbon pay of 80 feet in the upper Mirador sand compared with the previously recorded maximum net thickness of 23 feet encountered in the Capella No.2 well.
The Capella field produced oil at an average rate of 255 barrels per day (bpd) during the second quarter and 284 bpd during July, with production levels remaining limited by market constraints, the Syria and Colombia-focussed oil and gas explorer said.
The company also said it started drilling operations on Capella No.SH1, the first of two slim-hole wells planned to be drilled in the Capella field to further delineate the extent of the upper Mirador sand.
Slim-hole wells are designed to recover continuous core samples through the target formations and may be logged using special slim-hole logging tools, but cannot be utilised as production wells. They also reduces cost.
Emerald shares were down 0.5 pence at 738.5 pence by 0723 GMT on the London Stock Exchange. (Reporting by Ramkumar in Bangalore; Editing by Gopakumar Warrier)