VANCOUVER , March 13, 2018 /CNW/ - Renaissance Oil Corp. ("Renaissance" or the "Company" (ROE.V) is pleased to announce, in conjunction with its partner, LUKOIL, the Company has finished drilling six wells of the approved 10 Chicontepec well appraisal program for the Amatitlán block:
The first two wells drilled, Amatitlán 1708 and 1649, both having intersected several thick Chicontepec sands, were fracture treated for gross stimulated sand thickness of 145 meters and 110 meters, respectively;
Amatitlán 1708 was placed on production approximately three weeks ago with the well currently producing 180 bbls/d of 100% 43° API light oil;
Amatitlán 1649 has been placed on production for approximately 10 days and is currently flowing back frac fluid in combination with 41° API oil;
The third and fourth wells drilled, Amatitlán 1754 and 1718, also encountered multiple stacked sands in the Chicontepec formation, are now undergoing completion operations;
The fifth and sixth wells, Amatitlán 1718 and 1776, have now been drilled, logged and are undergoing completion designs; and
The rig has been mobilized to the third multi-well drilling pad, which is expected to provide the final four drilling locations to fulfill the current Chicontepec well appraisal program.
As we reach the midpoint of the Chicontepec drilling program, operations have been efficient, below budget with drilling times faster than expected. From spud date to rig release, the Renaissance LUKOIL partnership is delivering directional wells, on average, in 12 days. Further, the operations team is pioneering new completion techniques, fracture stimulating two adjacent wells simultaneously, thereby reducing costs and time to bring new wells on production.
"We are delighted with the initial success of the Chicontepec wells which encountered significant pay zones. The Chicontepec strategy has been to locate wells in areas where multiple stacked sands have been identified on seismic, providing the highest likelihood of maximizing sand quality and thickness" stated Craig Steinke , Chief Executive Officer of Renaissance. "Conversely, the Upper Jurassic shales, the target of the deeper unconventional play, are relatively uniform, averaging 200 meters thick and exist under the entire 60,000 acre Amatitlán block."
Renaissance has now received initial authorization from the relevant Mexican authorities to proceed with the work program on the Company's 100% held producing properties in the state of Chiapas . This drilling program comprises: 1) heavy work-overs on three existing wells, 2) drilling three Cretaceous wells and 3) coring other zones of interest. Civil works to prepare roads and drilling pads will begin immediately allowing for phase one of the work program, the heavy work-overs, to start by mid April. Drilling services for the three new wells are now being negotiated with expectations of the first spud on or before the first week of June.
Renaissance is pleased to announce it has been named a 2018 TSX Venture 50® company in an annual ranking of the exchange's top 50 publicly traded companies identified as leaders in creating shareholder value based on three equally weighted criteria: market capitalization growth, share price appreciation and trading volume.
Renaissance is featured in a TSX Venture 50 video available at: