Northern Guatemala's Xan field appears larger than first thought.
Basic Petroleum International Ltd. has completed the 5 Xan well producing about 2,000 b/d of 17 gravity oil from 7,616 ft. The well is southwest of the field and outside the previously believed location of the oil-water contact in its existing Cretaceous Coban B reservoir. Basic drilled the well based on a 1993 seismic survey that indicated the structure might be larger. Engineers are calculating a new reserve estimate for Xan, previously listed at 37.6 million bbl at yearend 1992.
Basic expects 5 Xan to "add significantly" to its reserves. It plans to drill one more well in Xan field this year. The field's four wells including 5 Xan can produce more crude than can be trucked. Basic is seeking financing for and hopes for start-up by mid-1995 a pipeline to its asphalt refinery at La Libertad, which began processing and upgrading Xan crude in late 1992. Xan field, discovered in 1985, produced more than 1.8 million bbl in 1993. Cumulative production exceeds 4.5 million bbl with only a few percentage points' decline from original reservoir pressure of 3,390 psi. Production history indicates a strong water drive.
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