Maurel & Prom, through its wholly owned subsidiary Hocol S.A., has signed with the National Hydrocarbon Agency of Colombia (ANH) two new Exploration and Production contracts (CPO-17 and SSJN-9).
The total awarded area covers 4,752 km squared:
- Block CPO- 17 (2,104 km squared) is located in the Eastern Llanos region in the Meta Department. On top of an estimated base royalty of 8%, the Block was awarded with a 12% additional royalty.
- Block SSJN-9 (2,648 km squared) is located in the Lower Magdalena Valley in the vicinity of the Saman Block (Maurel & Prom 50%). On top of an estimated base royalty of 8%, the Block was awarded with a 18% additional royalty.
Both blocks will be operated by Hocol S.A. on a 100% basis.
Over the next 36 months Hocol S.A. is committed to acquiring 600 km of 2D seismic and drilling two exploration wells in the CPO-17 block (Eastern Llanos), and acquiring 550 km of 2D seismic and drilling one exploratory well in the SSJN-9 block (Lower Magdalena).
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