Interoil Signs of Blocks LLA 47 and COR 6

Source: www.gulfoilandgas.com 5/18/2011, Location: South America

Interoil Colombia has signed the exploration blocks LLA 47 and COR 6 with the Colombian Hydrocarbon Agency (ANH) awarded in the Colombian Licensing Round 2010. The LLA 47 license is located in the prolific Llanos basin and covers an area of 447 km². The COR 6 is located in the Middle Magdalena Valley close to our existing producing licenses and covers an area of 399 km².

Two wells have been drilled in the COR-6 block in the Middle Magdalene Valley. Tijeras-1 well discovered oil in the Upper Guadalupe Formation and was abandoned after testing of 127 BOPD. A second well, Aleli-1, was stopped and abandoned prior to reaching the target. Interoil is committed to acquire 150 km² of 3D seismic and to drill 2 exploration wells during the initial exploration phase of 36 months.

Two wells were drilled in the Southernmost part of the LLA-47 block testing a structural closure at the C7 level. The Lince-2 well was a re-drill of Lince-1 and tested some 90 BOPD after experiencing technical difficulties. Interoil is committed to acquire 350 km² of 3D seismic and to drill 8 exploration wells before September 2014.

Interoil will do more technical work in order to optimize the position of the 3D seismic surveys. The preliminary plan is to acquire the 3D seismic during early 2012 in order to start drilling late 2012.

Interoil is the operator of the two blocks with 100% working interest. Interoil will consider farming-out part of the licenses. Interoil was initially offered 3 blocks in the 2010 ANH license round.


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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