InterOil has, in a final announcement by Colombian Hydrocarbon Agency (ANH), been awarded the onshore Altair in the last license round in Colombia. The Altair licence was ranked as the best prospect by our technical team in Switzerland and Colombia and it was also the most sought-after block in this license round. The Altair block is an exploration license in the highly prolific Llanos Basin. The Llanos Basin is located northeast of Bogotá, the capital of Colombia, on the east side of the Andes Mountains. This basin covers an area of approximately 200,000 km˛ (77,000 square miles) and holds Colombia's largest number of oil fields and proved oil reserves.
InterOil will be the operator of the block (160 km2) with 100% working interest, royalties will be 8.5%. Our existing 6 licenses in the Upper Magdalena Valley cover a total of 259 km2.
Altair block is InterOil's first license award in Colombia where we utilize our local knowledge and international experience to grow locally. The block is surrounded by established oil production and infrastructure and we have estimated prospective resources in the range of 27 to 33 mmbbls, recoverable.
InterOil is committed to shoot 150 km of seismic and drill 1 exploration well in the first phase of 18 months. InterOil will invest USD 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.
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