Petroamerica has been awarded a farm-in by Pacfic Rubiales Energy Corp. on the CPO-1 Block which is located in the Llanos Basin of Colombia. This farm-in results from Petroamerica Oil Corp.'s participation in a recently completed private competitive bid process conducted by Pacific Rubiales Energy Corp.
The company will provide 100% of the total investment required to complete the first phase of the minimum exploratory program (MEP) for the block, in exchange for a 50% working interest in the block. The 36 month-long first exploration phase of the MEP requires a minimum investment of US $9.6 million, which will be spent on the acquisition of 200 km of 2D seismic, the drilling of one exploratory well and geological and geophysical studies.
The CPO-1 Block lies on trend and to the northeast of the Caracara field.
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