The Colombian Hydrocarbon Agency (ANH) announced that InterOil has been awarded the onshore Altair license in Colombia. An exploration license in the highly prolific Llanos Basin, Altair was the most sought-after block in this license round. The 160-square-kilometer block is located northeast of Bogota on the east side of the Andes Mountains. This basin covers an area of approximately 200,000 square kilometers and holds Colombia`s largest number of oil fields and proved oil reserves.
InterOil will be the operator of the block with 100% working interest; royalties will be 8.5%. The company's existing licenses in the Upper Magdalena Valley consist of six licenses, a total of 259 square kilometers.
Altair block is Interoil`s first license award in Colombia. The block is surrounded by established oil production and infrastructure, and the company has estimated prospective resources in the range of 27 to 33 mmbbls, recoverable.
InterOil will shoot 150 kilometers of seismic and drill one exploration well in the 18-month first phase. The company will invest U.S. $6.5 million for seismic and exploration wells in the Altair license in 2008. The seismic will probably be shot during the first half of 2008 and the first exploration well is expected during the second half of 2008.
InterOil Exploration & Production ASA is a Norwegian-based exploration and production with a focus on Latin America and West Africa. The company is operator of several production and exploration assets in Peru and Colombia, and is an active license partner in Angola and Ghana. InterOil currently employs approximately 200 people and is headquartered in Oslo.
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