Maurel & Prom considers that the proven and probable reserves (P1+P2) after royalties should be 11.4 Mbbls at 100%, to be compared to a Maurel & Prom production of 5.2 Mbbls for 2006 in Colombia.
Maurel & Prom holds 100% of this exploration permit; a sliding scale royalty, starting at 8%, is applicable on the oil production from the block. This percentage (before royalties) will remain unchanged during the development phase.
The company is planning a 3D seismic survey and an extended test to appraise the Ocelote discovery of which 3P reserves are estimated at 35 Mbbls. A long period test will start and the production will be transferred by truck.
Maurel & Prom and Hocol S.A. are very pleased with these results, within weeks of the announcement of La Canada Norte-1 oil discovery in the San Jacinto/Rio Paez permit, Upper Magdalena Valley, also operated by Hocol.
The Ocelote discovery significantly highgrades the strong acreage position held by Maurel & Prom in the Llanos basin, with three adjacent blocks being operated by the company at 100% working interests.
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