25 July 2002drilling progress report▼ BadMajor
The company said it now expects a material downward revision to its published net proved reserves of 47.6 million barrels of oil (as of December 31, 2001) at the Guaduas Oil Field, as part of a reassessment announced July 1, 2002. Oil production has averaged about 6,700 barrels a day gross (3,100 net to Seven Seas) month-to-date, and rates did not rise as expected after gas injection began in late May 2002. The company gave no estimate of the size of the cut; revised reserves, their value and cash flow estimates are expected by the end of August.