Project Profile
Value: Undisclosed
Location: Northern Putumayo Basin, Colombia
Reserves: Unknown
Area: 110,769 acres
Water Depth: 80 feet
Start-up Year: -
In June 2009, Houston American Energy Corporation entered into a farmout agreement with Shona Energy Limited pursuant to which Houston will pay 25% of designated geological and seismic costs relating to the Serrania Contract for Exploration and Production relating to the Serrania Block in Colombia and for which they will receive a 12.5% interest in the Serrania Contract.
The block is located in the Northern Putumayo Basin, Colombia adjacent to the recent Ombu discovery, which is estimated to contain 1 billion barrels of oil in place. Drilling commenced in Q1 2010. The concession covers an area of 110,769 acres. Serrania was initially licensed in 2008 with a six year exploration and 24 year production term. Serrania is believed to contain one of largest undrilled 4-way closure structures in northern South America with significant recoverable potential. The formation of interest in Serrania is the Mirador, the same as the Capella field located seven miles to the south. In 2012, the partners in the concession include Shona with 37.5%, Hupecol (Operator) with 50% and Houston American Energy with 12.5%. Exploration drilling is scheduled to commence in 2013.
Operators:
Hupecol: Operator with 50% interest
Shona Energy Limited: 37.5% interest
Houston American Energy Corporation: 12.5% interest