Petroamerica, through its wholly-owned Panamanian subsidiary, Petroamerica International Corp., has entered into a formal farm-in agreement with Petrobras Colombia Limited on the Balay Block which is located in the Llanos Basin of Colombia.
Pursuant to the Agreement, and subject to the previous and written approvals of the National Hydrocarbon Agency ("ANH") and the other Party on the Balay Block, to earn 15% in the Balay Block, the Company will pay 25% of the first well, Balay-1 (the "First Well"), and 15% in back costs for a recently acquired 3D seismic program ("Seismic"). The First Well was spud on November 28, 2009 and is expected to reach total depth in February 2010.
The Balay Block lies to the north east of the Corcel Block and recent discoveries located in the Llanos Basin of Colombia.
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