Petrominerales has announced that, following the Colombian Mini Round 2008, it was awarded Blocks 25 and 31, in the Llanos Basin of Colombia. These blocks are on trend with both the "super giant" Cusiana-Cupiagua fields and the company's prolific Corcel Block.
Block 25, immediately southwest of Cusiana-Cupiagua, covers 169,733 acres and our first phase work commitments will include shooting 141 square kilometres of 3D seismic and drilling one exploration well. The block currently has 675 kilometres of existing 2D seismic from which we have already identified several leads.
Block 31, immediately north of our Corcel Block, covers 163,833 acres and our first phase work commitments will include shooting 143 square kilometres of 3D seismic and drilling two exploration wells. The block has 640 kilometers of existing 2D seismic from which we have also identified several leads. The first work commitment phase for both blocks has a term of three years.
Both of these blocks will be subject to a standard Colombia National Hydrocarbon Agency ("ANH") contract (8% initial royalty) plus a further state participation of 1% of gross production, payable to the ANH. The contracts are subject to the final approval of the Directive Council of the ANH, and we anticipate final execution will occur in January, 2009.
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