The initial phase of the exploration period is 11 months and the minimum work program comprises the acquisition of 61 km of new 2D seismic data and the re-processing of 60 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 5,000 ft.
The Ombu Contract has been awarded by the ANH, the National Hydrocarbon Agency of Colombia, and a copy of the model contract terms can be found on the ANH website (www.anh.gov.co).
Emeralds' Chief Executive Officer, Angus MacAskill, said:
"We are very pleased with the award of our second ANH E&P Contract in Colombia. The award of this prospective acreage with a petroleum system, proven by historic wells, contributes to the building of an exciting portfolio of exploration opportunities for future growth."
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