Emerald Energy has been awarded a new exploration & production contract in Colombia. The Durillo Contract, in which Emerald has a 100% working interest, covers an area of 110 square kilometers and is located in the Caguan Putumayo Basin, southwest of the Llanos Basin, in Colombia.
The Durillo Contract area is adjacent to the south-west edge of the Ombu Contract area, in which the Company is appraising the Capella discovery. The Company considers that the Durillo Contract area may have potential in the same exploration play.
The initial phase of the exploration period is 12 months and the minimum work programme comprises the acquisition of 22 kilometers of new 2D seismic data. If Emerald elects to enter the second phase, the minimum work program includes the drilling of 1 well to an estimated depth of 4,000 feet.
The Durillo Contract has been awarded by the ANH, the National Hydrocarbon Agency of Colombia, and a copy of the model contract terms can be found on the ANH website.
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