Project Profile
Value: US$6 million
Location: South Colombia on the border of Ecuador
Area: Sangretoro - 385,344 gross acres, Cedrela - 319,804 gross acres, Tamarin - 67,922 gross acres
The Putumayo Basin is located in southern Colombia on the Ecuador border. It is very prospective and currently an export pipeline system exists in the area with significant excess capacity available. The basin covers approximately 104,000 km2. More than 365 MMBO have been found to date in its 19 oil fields.
Evidence of the exploration potential of this basin includes significant production, one major oil field (Orito), 18 minor oil fields, and the presence of giant oil fields in the nearby Oriente Basin in Ecuador.
Sangretoro E&P Contract:
Effective July 2009, Colombia\'s National Agency of Hydrocarbons (ANH) awarded Canacol with the Pacarana Technical Evaluation Area (TEA). In March 2011, the Corporation signed the Sangretoro E&P contract, which was previously part of the Pacarana Technical Evaluation Area. The Sangretoro E&P Contract is the most prospective part of the Pacarana TEA. Canacol’s seismic program for Sangretoro includes a total of 300 kilometers of 2D seismic, of which 149 kilometers has been shot and interpreted as of September 2011.
Tamarin Exploration and Production Contract:
Effective August 2009, the ANH awarded Canacol with the Tamarin Exploration and Production contract. In 2010 and 2011, Canacol shot and interpreted 114 kilometers of 2D seismic over the contract. The Corporation has mapped a total of 6 structural and stratigraphic leads with an estimated 92 million barrels of total net unrisked recoverable resources or 14 million barrels of total net risked recoverable resources on the Tamarin E&P contract.
Cedrela Exploration and Production Contract:
Effective May 2010, the ANH awarded Canacol with the Cedrela Exploration and Production contract. In 2011, Canacol shot and interpreted 254 kilometers of 2D seismic over the contract. The Corporation has mapped a total of 16 structural and stratigraphic prospects and leads with an estimated 537 million barrels of total net unrisked recoverable resources or 42 million barrels of total net risked recoverable resources on the Cedrela E&P contract.
Operators:
Canacol Energy Ltd.: Operator with 60% interest
Pacific Rubiales Energy Corp: 40% participating interest