Pacific Stratus has obtained a 100% working interest in the Guama Block that has a total area of 216,123 acres and is located in the Lower Magdalena Basin near the La Creciente Block, where the company recently discovered gas.
The company will pay US$400,000 and will issue 400,000 shares as an agency fee to an arm's length third party in relation to the granting of the block. The company is committed to reprocess 300 kilometers of existing seismic and to acquire 200 kilometers of new 2D seismic in the first 18 months. The commitment for the second phase is to drill a well.
The company has mapped five gas and oil prospects in the block. One of these prospects was proved almost 20 years ago when the Ligia-1 well flowed 500 thousand cubic feet gas and 450 barrels 39 API crude oil per day during short tests.
Pacific Stratus Energy is a Canadian-based oil and gas company that initiated operations in 2004. The company is focused on identifying attractive opportunities primarily within the upstream Sub Andean basins. Pacific Stratus has a current net production of 2,500 barrels of oil per day, with working interests in the Caguan, Dindal, Rio Seco, Puli B, Doima (currently under dispute), La Creciente and Moriche blocks in Colombia. The company has offices in Toronto, Caracas and Bogota.
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