Canacol has been awarded the Pacarana Technical Evaluation Area ("Pacarana TEA") by the National Hydrocarbon Agency of Colombia. The Pacarana block is located immediately adjacent and to the south of the Ombu E&P contract which contains the Corporations Capella heavy oil discovery which is currently under appraisal.
The Corporation has a 100% working interest in the block, which is approximately 470,022 hectares in size and is located in the Caguan - Putumayo Basin of Colombia. An interpretation of the existing geotechnical data on the block identifies prospective structural trends similar to the Capella heavy oil discovery located immediately to the north on the Ombu E&P contract. The work obligations associated with the contract require the Corporation to acquire 2,240 km of aeromagnetic and gravity data and conduct geotechnical studies including the interpretation of available LandSat image data over a period of 12 months, for an anticipated cost of approximately US $406,000.
Charle Gamba, President and CEO of Canacol, stated, "This contract provides us with access to potentially material exploration prospects similar in nature to its Capella heavy oil discovery on the Ombu E&P contract, which is located immediately adjacent to and on trend with the Pacarana contract. The award of this contract reflects the execution of the Corporations strategy of focusing on organic growth in our core operating countries."
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