Petrodorado Signed A Farm-in Agreement With Ongc Ltd.

Source: www.gulfoilandgas.com 6/14/2010, Location: South America

Petrodorado Energy Ltd. is pleased to announce the signing of a farm-in agreement with ONGC Videsh Ltd. for a 30 percent participating interest in CPO-5 Block of Colombia.

This 199,248 hectare block (gross) is located in the Los Llanos basin (Meta Department) and was awarded to ONGC Videsh Ltd. in the 2008 ANH heavy oil bid round. The CPO 5 block is flanked in the North and North West by the recent discoveries in the blocks of Guatiquia (Candelilla Structure) and Corcel.

In 1985, Elf Aquitaine drilled Metica-1 well in the CPO-5 block, which tested 14.4 API oil and 20.8 API oil in the Los Cuervos and Barco formations. In addition, petrophysical analysis of well logs indicated hydrocarbons in the Carbonera, Mirador, Une and other deeper Palaeozoic horizons.

The work plan going forward is to acquire 650 square kilometers of 3D seismic and 240 line kilometers of 2D seismic by the end of 2010 and drill two exploration wells in the first quarter of 2011.

Petrodorado has identified multiple plays and multiple prospects in the Tertiary (Carbonera, Mirador, Los Cuervos, and Barco) and Cretacaeous (Guadalupe, Gacheta and Une) formations (14 to 40 API).

The assignment of the participating interest to Petrodorado is subject to ANH approval.

Comments from Krishna Vathyam, President and CEO of Petrodorado:
We are very pleased to have increased our strategic exposure to the prolific Los Llanos basin with this highly significant acreage in partnership with ONGC Videsh Ltd.


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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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