PetroAmerica farms-in to Colombian block

Nov 27, 2009 01:00 AM

PetroAmerica has been awarded a farm-in by Pacific Rubiales Energy on the CPO-1 Block which is located in the Llanos Basin of Colombia.
This farm-in results from PetroAmerica Oil's participation in a recently completed private competitive bid process conducted by Pacific Rubiales Energy.

The company will provide 100 % of the total investment required to complete the first phase of the minimum exploratory program (MEP) for the block, in exchange for a 50 % working interest in the block.
The 36 month-long first exploration phase of the MEP requires a minimum investment of $ 9.6 mm, which will be spent on the acquisition of 200 km of 2D seismic, the drilling of one exploratory well and geological and geophysical studies.

The CPO-1 Block lies on trend and to the northeast of the Caracara field.

Source / PetroAmerica Oil Corp.
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