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Canacol Energy Bags 2 Gas Exploration Blocks in Colombia

Gasoil News - Published on Tue, 10 Dec 2019

Image Source: Canacol Energy Colombia
Canacol Energy Ltd announced that it has successfully secured a 100% operated working interest in three new conventional gas exploration contracts in the recent bid round, administered by Colombia’s hydrocarbon regulatory authority Agencia Nacional de Hidrocarburos. Under its wholly owned subsidiary CNE Oil & Gas SAS, Canacol was awarded conventional exploration contract VIM 33 (155,310 acres, 62,852 hectares) in the Lower Magdalena Valley basin, and conventional exploration contracts VMM 45 (12,422 acres, 5,027 hectares) and VMM 49 (148,244 acres, 59,992 hectares) in the Middle Magdalena Valley basin. On a net acreage basis, these conventional exploration contracts increase the Corporation’s land position for conventional natural gas in Colombia by 29 % from 1.1 mm net acres to 1.4 mm net acres.

The winning bids commit the Corporation to an exploratory work program including geological studies, seismic and wells over a three-year phase on each of the exploration contracts. Once Phase 1 is complete, the Corporation has the option to extend the exploratory work program by an additional three years Phase 2 on each of the exploration contracts.

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Posted By : Yogender Pancholi on Tue, 10 Dec 2019
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