Emerald Energy Signs TEA Deals in Colombia
Emerald Energy been awarded two new Technical Evaluation Agreements ('TEA') in the Llanos Basin of Colombia. The Cachama and Las Brisas Agreements, in which Emerald has a 100% working interest, cover areas of around 2,400 sq. km. each in the southern part of the Llanos Basin. In October 2004 Emerald was previously awarded two TEAs, Mantecal and Altamira, that cover some 4,720 sq. km. and are located to the north of the Llanos Basin. The Company's Campo Rico and Vigia fields are also located in the Llanos Basin.
The term of the TEAs is ten months and during that period Emerald will carry out technical studies designed to identify the presence of prospective exploration areas; the Company may then apply to ANH, the National Hydrocarbon Agency of Colombia, for Exploration and Production Contracts for these prospective areas. Emerald has, for the term of the TEAs, the first right of refusal over any Exploration and Production Contract proposed by a third party that includes any part of the area covered by the TEA.
Alastair Beardsall, Emerald's Chairman, said: 'The award of the Cachama and Las
Brisas TEAs is a further positive step towards increasing Emerald's portfolio of
exploration acreage in Colombia. In the highly prospective Llanos basin we now
have four TEAs covering a total of over 9500 sq. km. in which we have secured
the first option on future Exploration and Production Contracts without having
to commit substantial funds for a seismic or drilling programme at this stage.'
- Emerald Aims to Restart Colombia Oil Operations Amid Security Woes (Nov 17)
- Exploratory Well Drilling Commenced in Colombia (May 27)
- La Cortez Optimistic of Mirto Area's Potential (Apr 12)