Project Profile
Value: US$7 million
Location: Takutu block in Guyana
Start-up Year: May 2015
The operator completed community consultation and environmental impact management studies and fulfilled its commitment in drilling Takutu Oil & Gas Apoteri K-2 on the Karanambo Prospect.
In May 2009, Canacol acquired an additional 35% working interest in the Petroleum Prospecting Licence (PPL) in the Takutu Basin in exchange for a cash payment to Groundstar of US$3.45 million. Canacol\'s net working interest in the PPL increased to 90%; Groundstar\'s net interest was reduced to 10% which is carried by Canacol to first commercial production. Groundstar was to remain operator of the block through to the completion of the Apoteri K-2 well, after which Canacol has the right to apply to the Guyana Government to become operator for the project.
Sagres Energy Inc. earned a 25% working interest in the license from Canacol by paying 30% of K-2 drilling costs.
Operators:
Groundstar Resources: Operator with 10% interest
Canacol Energy: 65% interest
Sagres Energy: 25% working interest