The development stages:Exploration drilling/2009-02.The VMM-2 block is located in the Middle Magdalena Valley basin and covers an area of 30,598ha. According to Canacol, the block is comprised of two prospective areas – one unconventional deepwater and another conventional shallow water. With respect to the unconventional portion, ExxonMobil is the operator and holds a 70% working interest, Canacol Energy holds a 20% working interest, and Colombia's Vetra E&P the remaining 10%. Regarding the shallow water prospect located within the block, Vetra holds a 60% interest and Canacol the remaining 40%. In November 2013, Canacol announced that an exploratory program would begin, with the possibility of drilling up to six wells at the block's Mono Araña oil discovery. In January 2014, the Mono Araña-2 well reached a measured depth of 6,570ft and proved the existence of a 244ft productive oil horizon in two conventional sand deposits of the Lisama formation. By March 2014, Canacol announced it made a conventional oil discovery in the Mono Araña-1 exploration well, which reached a measured depth of 9,942ft and proved a 230ft productive horizon within the naturally fractured La Luna formation. A third well, Mono Araña-5 is currently being drilled, according to Vetra Energy. The shallow water portion is already producing limited quantities of oil while the deepwater unconventional prospect is still undergoing further exploration.