Maurel & Prom, through its wholly owned subsidiary Hocol, signed with the National Hydrocarbon Agency of Colombia (ANH) a new Exploration and Production Contract (Clarinero) in the Eastern Llanos region, approximately 400km east of Bogota.
The Clarinero contract covers an area of 2,298 km² and is operated on 100% basis by HOCOL S.A. with royalties estimated at 8%.
The Clarinero contract strongly reinforces Hocol´s position in this region of Colombia, where the company already operates, also on a 100% basis, five other E&P contracts (Lince, Saltarín, Cocli, Guarrojo and Sabanero) in the proximity of Clarinero. In one of these contracts (Guarrojo, 100%), Maurel & Prom has announced recently the success in the confirmation of the Ocelote discovery, currently producing with the last well Ocelote-4, 3,100 bopd under long term tests. Hocol is currently producing 14,850 bopd (entitlement) which is 22% above a production of 12,237 bopd in 2007.
In the Clarinero contract Maurel & Prom is committed to acquire 250 km of 2D seismic, 185 km² of 3D seismic and drill two exploration wells over the next 22 months.
Exploration update
The latest drilled exploration wells results are as follow:
- Brassia-1 and Cocli SW-1 wells have been plugged and abandoned;
- Lince-1 well has been abandoned because of disappointing results. Studies are in progress to define the opportunity to drill a new well or to abandon the prospect;
- Ortega Sur well is currently being tested.