Seven Seas Petroleum receives licenses from Colombian Ministry

Jul 31, 2000 02:00 AM

Seven Seas Petroleum received a global operating license and an environmental pipeline permit from the Colombian Ministry of Environment, which are necessary for the development and continuous production of the Guaduas oil field in Colombia. Seven Seas expects approval from the Colombian Ministry of Mines and Energy to commence trucking production of 4,000-6,000 bpd within the next 30 days.
At a West Texas Intermediate oil price of $ 25 per barrel, gross production of 4,000 bpd to 6,000 bpd will generate between $ 0.9 mm and $ 1.4 mm in net revenue per month to Seven Seas.
"We are very pleased to have the GOL and environmental pipeline permit," stated Robert A. Hefner III, chairman and managing director of Seven Seas. "With the commerciality decision and these two environmental permits in hand, we will soon be trucking production from the Guaduas field, generating substantial revenues for the first time in the company's history. Additionally, we can now accelerate our efforts to finance ourshare of the development and pipeline costs, as well as the costs of the subthrust exploration well, which we would like to drill later this year," concluded Hefner.

Seven Seas Petroleum is an independent oil and gas exploration and production company operating in Colombia, South America. The Company's primary emphasis is on further exploration and development of its Dindal and Rio Seco blocks and the Guaduas field within Colombia's prolific Magdalena Basin.

Source: Bridge News via Newspage
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