Clontarf Energy is active in Bolivia through Petrolex SA, a wholly owned subsidiary. Petrolex was acquired by our group in 2000. The group currently has two non-operated interests both of which are joint ventures with oil majors:
Clontarf Energy has a 10 % working interest in this gas discovery located 90 kilometers southeast of the city of Santa Cruz de la Sierra. Our Operating partner is Chaco, controlled by the Bolivian state-owned oil company YPFB (El Dorado was formerly held by Pan American Energy, at the time an affiliate of BP)
The joint venture has drilled a total of four exploration wells in the Block. The first well, DRD X-1001, drilled in 1998 following a complete 3D seismic campaign, was a discovery well, yielding a production of 20 million cubic feet per day and 365 barrels per day of condensate at a depth of 4150-4200 meters. In 2000, the second well DRD X1002 was drilled, confirming the reservoir and productivity of the previous well. In 2004 well DRD X1004 was drilled with the objective of testing the same reservoir but the results were inconclusive.
During 2010 the successful DRD X1005 was drilled and tested with production of 10 million cubic feet per day and c.360 barrels per day of condensate in the target reservoir. This exploration success is now being assessed but will certainly extend the estimated field and expand reserves. Later there was a successful re-entry (DRD X-1003) of a well that had previously been viewed as 'dry'.
The consortium field is now producing c.15 million cubic feet per day and over c.300 barrels per day of condensate from the three currently producing wells drilled (DRD X-1001, DRD X-1002 and DRD X-1005). The processing plant is almost new (installed originally for the Percheles field in c. 2008 and applied to El Dorado after Percheles watered out). Plant capacity is 35 million cubic feet per day.
Two further production wells, which include exploration and reservoir confirmation objectives, are now scheduled for 2011. These are expected to result in the field reaching its targeted production level of 35 million cubic feet per day of natural gas and associated condensate and natural gas liquids.
Clontarf Energy has a 30% interest in this condensate and gas producing field located in Southern Bolivia. The block is operated by Repsol YPF (30%) and includes Petrobras as a 20% partner, as well as Andina with 20%, a company owned by Repsol and YTFB. Monteagudo has produced more than 38 million barrels of oil and gas from 57 wells since 1968. The area offers significant opportunities for infill drilling and work-over as well as deeper exploration potential.