The Arauca block measures approximately 301,300 hectares and is located in the Llanos Basin of Colombia south of the Colombia-Venezuela border, 60 kilometers east of the Cano Limon field and neighboring the Venezuelan Guafita and Victoria fields. The main exploration targets in the area are the Eocene Mirador Formation, the Cretaceous Ubaque and Une Formations and the Tertiary Carbonera Formation.
The final agreement will be signed within the next 60 days. Work commitments comprise a minimum investment of US$2.5 million to reprocess 1,000 kilometers of 2D seismic, perform tectono-stratigraphic studies and acquire hyper-spectral satellite images to detect surface oil seepage. Additional work, including new seismic acquisition and drilling two exploratory wells, would add approximately US$8.0 million to the initial investment commitment.
The company has also arranged with TSX Venture Exchange-listed Consolidated AGX Resources Corp. to finance the planned work program and jointly apply for the Exploration and Production contract to develop this block, subject to the necessary ANH and regulatory approvals.
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 2,200 barrels of oil per day, with working interests in the Caguan, Dindal, Rio Seco, Puli B, Doima (currently under dispute), La Creciente, Moriche and Guama blocks in Colombia. The company has offices in Toronto, Caracas and Bogota.
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