PetroNova Receives Environmental License for Tinigua Block

Source: www.gulfoilandgas.com 1/8/2014, Location: South America

PetroNova Inc., a company engaged in the exploration and development of oil and natural gas resources in Colombia, is pleased to announce that the Colombian Environmental Licenses Authority has granted PetroNova an environmental license for the Tinigua Block located in Colombia's Caguan-Putumayo Basin. The license allows PetroNova to drill a maximum of 20 exploratory wells from five different platforms, and install surface facilities for extended testing as required.

"Receiving this license is a fundamental milestone for PetroNova as it enables us to advance our exploration drilling program towards this high-impact asset within our portfolio," said Antonio Vincentelli, President and CEO of PetroNova. "With the issuance of this license, all four of PetroNova's blocks have been granted environmental licenses and are ready for exploration drilling. As we proceed with drilling in the PUT-2 Block, we continue preparatory work in the Tinigua Block in anticipation of spudding the first exploratory well on the Tinigua prospect."

PetroNova is the operator of the Tinigua Block and holds a 90% working interest. Petrotech Engineering Ltd. (Petrotech) prepared an independent resource assessment report for PetroNova as of February 28, 2013 (the "Petrotech Report") in which the Tinigua prospect was assigned best estimate (P50) Prospective Resources of 143 million barrels of oil net to PetroNova's working interest.

The first exploratory A3 well will target both the tertiary Mirador Formation and the Cretaceous age Macarena Group with a total depth of approximately 6,500 feet in a large fault propagation fold structure confirmed by a high quality 3D seismic survey.




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Related Categories: Ecological & Environmental  Emissions Measuring  Environment Management, Consultancy  Environmental Services  General  Hazardous Waste Management  Oil Spill & Emergency Response  Safety Services  Waste Disposal 

Related Articles: Ecological & Environmental  Emissions Measuring  Environment Management, Consultancy  Environmental Services  General  Hazardous Waste Management  Oil Spill & Emergency Response  Safety Services  Waste Disposal 


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