Petrominerales says new wells output currently being restricted

Published on January 4, 2010; Published on February 24, 2010
The Canadian Press ~ The News

Topics :: TSX , Petrobank Energy and Resources , Colombia , BOGOTA

BOGOTA, Colombia - Petrominerales Ltd. (TSX:PMG) says its Candelilla-1 well in Colombia has begun production, but output has been restricted temporarily due to transportation limitations.
The company, which is 67 per cent owned by Petrobank Energy and Resources Ltd. (TSX:PBG), said the well began production at 11,500 barrels of oil per day using a pump.
However, the pump has been taken offline and the well is free-flowing at 7,400 barrels per day, Petrominerales says.
"Production has been temporarily restricted due oil transport limitations over the recent holiday period. We expect to resume production at the capacity of the well-site facilities later this week," Petrominerales announced late Sunday.
For the fourth quarter of 2009, its production averaged at 24,557 bopd, a 60 per cent increase over the fourth quarter of 2008 and a 14 per cent increase over the third quarter of 2009.

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