ANH Signs Five Contracts in May Worth US$2.6mn
Colombia's hydrocarbons regulator ANH signed one E&P contract and four technical evaluation agreements (TEAs) in May that require total investment of roughly US$2.6mn, ANH said in a statement.
Canadian oil company Gran Tierra Energy (Nasdaq: GTRE) signed the E&P contract for the Llanos basin's Primavera block. Gran Tierra will explore the 146,000ha block during the next six years and invest US$2.05mn in the first phase.
ANH has now signed 15 E&P contracts this year and aims to increase the number to 30 by year-end, the statement said.
ANH signed one TEA with the UK's Texican Oil and three with local company Petroleos del Norte.
Texican's TEA is for the Cordillera de Flor Colorada block in the Middle Magdalena basin. Texican has a year to evaluate the block, with planned investment of some US$390,000.
Petroleos del Norte signed a TEA for the Tisquirama Occidental block in the same basin, which covers roughly 3,600ha. The company has eight months to evaluate the block and will invest some US$36,000.
Petroleos del Norte will also evaluate the La India and Rio Guayabito blocks, also in the Middle Magdalena. Each block spans roughly 54,000ha and the eight-month investment plans each call for US$63,000.
ANH has signed 10 TEAs this year.
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- Gran Tierra Receives 'Outperform' Rating After Revealing Exploration Plans (Jun 15)
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