AIM-listed oil and gas producer Pan Andean Resources has begun a 2D seismic survey at its 100% owned Antorcha block in Colombia. The move comes as the company eyes the start of a drilling programme at the site by the end of this year.
Antorcha is located in the prolific Middle Magdalena Basin of Columbia and was taken on by Pan Andean in November 2007. An accelerated exploration programme since then has left the company with just a 2D seismic survey to carry out in an effort to identify the optimal locations for drilling.
Antorcha neighbours an existing conventional oil producing area, operated by the state petroleum company Ecopetrol.
Pan Andean said between 1 and 2 billion barrels of oil in place could exist on the block with 100 to 300 million barrels of recoverable reserves, using parameters of nearby fields.
David Horgan, managing director of Pan Andean Resources, commented: “This is a key step in Pan Andean's development. We are shooting a focused seismic programme to optimise early drilling and the company has already been approached by major oil players interested in funding an early drilling campaign on this block.”