Suroco Snags Concession in Columbia

Suroco Energy Inc. announced that the National Agency of Hydrocarbons of Colombia has awarded the Alea 1848 A Block, in the Putumayo Province to a consortium in which the Corporation, indirectly through its wholly owned subsidiary NCT Corporacisn Petrolera Latinoamericana S.L., participates with a 35.1% working interest.

The Alea 1848 A Block has a total area of approximately 306 km(2) and it is located northwest of the Suroriente Block.

The commitment in the Alea 1848 A Block is to acquire 110 km of new 2D seismic in 18 months at an estimated cost of US$3.3 million. The Consortium have funded the total committed minimum work program (phase 1) for the Alea 1848 A Block through an administration trust and stand-by letters of credit, for a total US$1.16 million net to NCT.

As a result of the acquisition of NCT, the Corporation now holds, indirectly through NCT, interests in, four blocks in Colombia, including the Suroriente Block, Arjona Field, the Hato Nuevo Field and the Alea 1848 A Block, the Pirineo and Nejo Blocks in Mexico and the Hardin Field in Texas.


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