The Mantecal and Altamira Agreements, in which Emerald has a 100% working interest, cover areas of 1875 sq. km. and 2845 sq. km. respectively in the north of the Llanos Basin. The TEAs will last for ten months and during that period Emerald will carry out technical studies designed to identify the presence of prospective exploration areas.
Throughout the term of each TEA, the Company has the first right of refusal over any Exploration and Production Contract proposed by a third party that includes any part of the area covered by the TEA.
Alastair Beardsall, Emerald's Chairman, said: 'The award of the Mantecal and Altamira TEAs is a further demonstration of Emerald's progress in securing further opportunities in Colombia at modest cost. We have ten months in which to evaluate these two promising exploration areas and have secured the first option on future Exploration and Production Contracts without having to commit to a seismic or drilling program at this stage.'
Emerald currently produces in excess of 1800 barrels of oil per day in Colombia.
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