CGL is an established Colombian company that specializes in the acquisition and processing of seismic data.
The survey is expected to cover an area of 45km2 and acquisition is scheduled to be completed by the end of December 2007. The primary objectives of the survey are to:
- Further define the La Punta structure and allow for the optimal location of the La Punta-2 well. La Punta-2 will target oil up-dip from the currently producing La Punta-1 well in the Mirador Formation as well as potential deeper exploration objectives.
- Confirm other identified exploration structures within the block.
Baraka staff, with support from established Australian consultants, will be integral in proposing the locations for both the La Punta-2 well in first quarter 2008 as well as developing future identified exploration targets for the block.
Barakas Managing Director and Chief Executive Officer Dr. Mark Fenton said: "We are very pleased with the support and positive working arrangements that Baraka and its joint venture partners have made in the initial planning of our 2008 development and exploration campaigns. Our joint efforts in planning the seismic survey has been valuable and Baraka looks forward to the continuing strong co-operation with its partners in progressing the results of the seismic survey and upcoming drilling of La Punta-2".
Baraka is funding the joint venture partners for the US$1.3 million seismic survey as part of its entry commitments to the La Punta project.
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