The initial phase of the exploration period will be 18 months and the minimum work program comprises the acquisition of 30 km of new 2D seismic data and the re-processing of 40 km of existing 2D seismic data. If Emerald elects to enter the second phase, the minimum work program includes the drilling of 1 well to an estimated depth of some 11,000 ft.
The Maranta Contract has been awarded by the National Hydrocarbon Agency of Colombia ('ANH').
Emeralds' Chairman, Alastair Beardsall, said:
'We are very pleased with the award of our first ANH E&P Contract in Colombia. The addition of prospective acreage in a proven petroleum system offers further potential to build on the successful development of the Campo Rico, Vigia and Centauro Sur fields in recent years.'
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