Petrodelta drilled and completed a second well, ILM-9, in the Isleno Field. The current production from the Isleno Field is approximately 2,400 BOPD and is being trucked to Uracoa Field. Plans are underway to build a pipeline connection between Isleño Field and the main production facility at Uracoa Field.
Petrodelta's production target for the year 2012 is projected to be approximately 40,300 BOPD. The 2012 Petrodelta capital budget is expected to be approximately $300 million with a significant portion of that total related to infrastructure costs to support the further development of the Temblador and El Salto Fields. This program should be self-funding at a WTI oil price of $90 per barrel in 2012. Petrodelta expects to drill 33 oil wells and two water injector wells, and is considering a third rig arriving in the third quarter of this year.
The average sale price for crude oil produced during the quarter was approximately $109 per barrel.
EXPLORATION AND OTHER ACTIVITIESDussafu Project - Gabon ("Dussafu PSC") Approximately 545 square kilometers of 3-D seismic acquired during the fourth quarter is currently being processed in order to optimize future drilling and development activities. The 3D PSTM is expected to be completed by June 2012. Depth processing and reprocessing of the inboard 3D is planned for the second half of 2012. Well planning is in progress to drill an exploration well on the Tortue prospect to target stacked pre-salt Gamba and Dentale reservoirs as well as a secondary post-salt Madiela clastic reservoir. The prospect has mean unrisked prospective resources of 62 MMBO. Harvest operates the Dussafu PSC, holding a 66.667 percent interest and is currently negotiating to extend the Exclusive Exploration Authorization for a third period of four years, effective May 28, 2012.
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