Project Profile
Value: Undisclosed
Location: Middle Magdalena Valley, Colombia
Area: 101,542 gross acres
Start-up Year: -
Canacol Energy has commenced drilling operations for the Oso Pardo 1 exploration well being drilled on the Santa Isabel Exploration and Production (E&P) contract located in the Middle Magdalena Valley of Colombia covering an area of 101,542 gross acres. Pursuant to the terms of the agreements between Canacol and ConocoPhillips Colombia Ventures, a wholly-owned subsidiary of ConocoPhillips, Canacol will hold a 30% operated working interest in the deep Cretaceous section of the contract, with ConocoPhillips holding 70% working interest. The formalisation of the aforementioned working interest remains subject to the official approval of the Agencia Nacional de Hidrocarburos. The Oso Pardo 1 well was spud on June 10, 2013, and is designed to test the oil potential of both the shallow conventional Tertiary Lisama sandstone reservoir and deeper naturally fractured shale and carbonate reservoirs within the La Luna and Simiti oil shales.
Operators:
ConocoPhillips Colombia Ventures: Operator with 70% interest
Canacol Energy: 30% interest
Contractors:
DeGolyer & MacNaughton Canada Ltd. (D&M): Contract to prepare an independent prospective resources report. D&M provided low, best, high, and mean estimates of unrisked resources on a statistical aggregation method to block.