Project Profile
Location: Middle Magdalena Basin, Columbia
Area: 43,200 gross acres
Start-up Year: -
The Playon Block (43,200 gross acres) is located in the Middle Magdalena Basin north of the La Cira-Infantas and Aguas Blancas oil fields. In April 2016 Parex Resources announced the execution of a formal binding agreement with Ecopetrol whereby Parex will farm-in to operate and earn a 50% working interest in the Playon Block. Although the current block license expires in November 2016, the Boranda-1 drilling pad has been built by Ecopetrol on the basis of interpretation of 3-D seismic which should enable Parex to commence drilling operations in the fourth quarter of 2016, subject to regulatory approval. The Boranda-1 well will explore the continuity of a stratigraphic play identified by offsetting discoveries that were drilled to the north and south of the Playon Block that tested medium gravity oil and it will target the Esmeraldas/La Paz Formation. Prior wells drilled on the block were located up-dip of the mapped pinch out edge supporting the stratigraphic play concept at Boranda-1. Under the agreement Parex has committed to fund 100% of the estimated drilling costs of US$7 million for the Boranda-1 exploration well to earn a 50% working interest and operatorship of the Playon Block.
Operators:
Parex: Operator with 50% interest
Ecopetrol: 50% interest
Contractors:
Subcontractors: