Gallo 2 Prospect (EF VC21, LP)
Results: Producing | Status: Producing oil (confidential)
Gallo #2 Project Overview
In 2012, Fairways drilled the Gallo Well #1A to the depth of 9350’, on the northern part of this newly identified 3D amplitude and found a 24’ net oil column in a 50’ gross sand in the Frio 15-B sand. When completed, this zone produced at an average rate of over 489 BOPD without water. To date, this well has produced 467,223 BO and 167,597 MCFG from this zone and is currently making about 56 BOPD and declining.
Using the same recovery factor of the Mauboules production next door, the Gallo well should have made over a million barrels of oil from this feature; instead only half of that has been produced. Further study of the 3D seismic data confirmed that the Gallo amplitude may actually be bisected into two separate reservoirs, situated next to each other. This 3D analysis, along with the volumetric study, appears to support the fact that the Gallo well is mainly depleting. CICO Oil & Gas Company has acquired the rights to drill an offset to the Gallo #1A well in order to develop the southeast lobe of this amplitude and intends to drill said well this year. Even if the Gallo amplitude is not fully compartmentalized, using the recovery factors of both the Mauboules and Gallo production, the potential recoverable reserves for this prospect are estimated to exceed 600,000 BO the northern part of this feature, leaving the southern portion partially or fully undrained.
Finished funding the project in October 2018. Drilling began in January 2019. Completion and testing occurred in February 2019. Production began in April 2019. Well is producing oil and water on rod pump.
Producing now! First monthly disbursements expected September 2019.