Project Profile
Location: Northern Middle Magdalena Valley, Central Colombia
Reserves: 381 mmbo technically recoverable oil
Area: 21,000 acres
Licence Expiry: 2024
Start-up Year: -
The development plan is designed for a six rig drilling program with 252 new vertical wells. The project is estimated to hold 381 mmbo technically recoverable oil with peak production expected in 2019.
Global Energy Development has agreed a farm-out deal with Everest Hill Energy Group that will see Everest acquire a 50-percent stake in its Bolivar license in Colombia. The deal will see Everest pay US$5 million along and fund certain work on the Bolivar association contract area in the Middle Magdalena Basin in return for its 50-percent stake. Work funded by Everest will include: The re-entering and hydraulic fracture, within one year of the agreement, of potential formations in two existing wells within the contract area.
Both Operators, Everest Hill Energy Group and Global Energy have decided to farm-out of the project due to the current industry climate, 08.01.15.
Operators:
Nautilus Marine Services
Ecopetrol