Osage announced that Saturday, December 6, drilling commenced on its first exploratory well on the Rosablanca concession in Colombia. Osage is joined in the Rosablanca concession by Gold Oil plc, Lewis Energy Colombia and EMPESA, SA.
"This well is the culmination of a project that was begun almost exactly two years ago," stated Kim Bradford, Chairman and CEO. "We saw the opportunity that Colombia offered and have worked tirelessly since to bring this exploration program to fruition."
"In addition to acquiring a fantastic project, we have been able to bring together a very strong team anchored by our operator, Lewis Energy Colombia. Every partner in the Joint Venture has made a significant contribution in bringing this project from concept to reality," stated Greg Franklin, VP Exploration.
Lewis Energy Colombia's number 3 rig was mobilized from San Antonio, Texas to drill the Rosablanca-1 well. Osage expects to reach total depth of around 3800 feet before the end of December, with testing to follow.
The Rosablanca concession is located in Colombia's Middle Magdalena Valley, the second most highly productive basin in the country, and on trend with several current and historically productive fields. The concession was acquired before the Agencia Nacional de Hidrocarburos (ANH) instituted competitive bidding for concession rights and as such, carries only an eight percent royalty to the government which compares favorably worldwide.
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