The initial phase of the exploration period is 12 months and the minimum work program comprises the acquisition of 40 km of new 2D seismic data, seismic attribute processing of 25 km, and the re-processing of 25 km of existing 2D seismic data. If Emerald elects to enter the second phase, the minimum work program includes the drilling of one well to an estimated depth of 6,000 ft.
The Jacaranda Contract has been awarded by the ANH, the National Hydrocarbon Agency of Colombia.
Emeralds' Chief Executive Officer, Angus MacAskill, said:
"We are very pleased with the award of our fourth ANH E&P Contract in Colombia. Over the next year we will acquire and interpret data in these new areas to define a portfolio of drillable prospects for future growth."
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