PetroNova, a company engaged in the exploration and development of oil and natural gas resources in Colombia, announced Thursday that upon evaluation of the expenditures required to conduct additional exploration work on the onshore CPO-06 Block, the company has entered into an agreement with Tecpetrol, the current operator of the block, to relinquish its 20 percent non-operating interest in the CPO-06 Block to Tecpetrol. The relinquishment of the CPO-06 Block by PetroNova to Tecpetrol is subject to the approval of the Agencia Nacional de Hidrocarburos (the ANH), the national hydrocarbons regulator in Colombia.
"PetroNova has determined that extensive additional exploration work, including further drilling and 2D and 3D seismic surveys, is required to further evaluate the exploratory opportunities in the CPO-06 Block," said Antonio Vincentelli, president and CEO of PetroNova, in a July 4 press release. "As such, we have made a strategic decision to relinquish our interest in the CPO-06 Block and turn our short-term focus to developing the CPO-07 and CPO-13 discoveries, which have generated encouraging results, while pursuing the high impact-targets in our PUT-2 and Tinigua Blocks."
PetroNova announced hydrocarbon discoveries at the Atarraya-1 well on the CPO-07 Block and at the Pendare-1 well on the CPO-13 Block on May 9, 2012 and July 25, 2012, respectively, and drilled the successful Atarraya-4 and Pendare-2 appraisal wells at each discovery. During the remainder of 2013, PetroNova plans to continue its seismic campaign on the CPO-07 Block and drill its first high-impact wells on the PUT-2 and Tinigua Blocks.
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