The development stages:Exploration drilling/2016-07.Block 7 was put out to tender during the first phase of Round 1. It holds 22Mboe of risked resources, according to CNH. The 465 square kilometers light oil block was awarded to a consortium made up of Talos Energy (45%) as the operator, Sierra Oil & Gas (45%) and Premier Oil (10%). The PSC (production sharing contract) was signed on September 4, 2015. Under the contract, the state has a 55.99% share in production and the consortium 44.0.01. The consortium has a four-year exploration period from the signature of the contract, which may be extended for up to two more years. After this period, if there is a commercial discovery, a development plan will be presented. The exploratory phase must have 13% national content, while the development phase must have 25% national content during the first year, increasing to 35% in subsequent years.