The term of the TEAs is ten months and during that period Emerald will carry out technical studies designed to identify the presence of prospective exploration areas; the Company may then apply to ANH, the National Hydrocarbon Agency of Colombia, for Exploration and Production Contracts for these prospective areas. Emerald has, for the term of the TEAs, 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 Cachama and Las Brisas TEAs is a further positive step towards increasing Emerald's portfolio of exploration acreage in Colombia. In the highly prospective Llanos basin we now have four TEAs covering a total of over 9500 sq. km. in which we have secured the first option on future Exploration and Production Contracts without having to commit substantial funds for a seismic or drilling programme at this stage.'
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