Petrodorado to Participate in Colombian Tacacho Block
Cap-Link Ventures' wholly owned subsidiary Petrodorado has signed a definitive agreement with Pacific Rubiales Energy Corp. ("PRE") to farm-in on the Tacacho Block in Colombia. The Tacacho Block is a part of a five block joint venture previously announced on November 24, 2009 between PRE and Petrodorado in Colombia and Peru. In addition, Mr. Douglas Urch has joined Cap-Link as a Director effective January 25, 2010 following the resignation of Mr. Iftikar A. Ahmed.
Petrodorado has acquired a 49.5% working interest in the Tacacho Block located in the Putumayo Basin of Colombia. In exchange, Petrodorado will provide 100% of the total investment required to complete the first phase of the minimum exploration program ("MEP") for the block, equal to US $8.0 million.
The Tacacho block measures approximately 599,000 hectares and is located in the foreland basin of the Putumayo mountain range, in the Eastern Cordillera of Colombia. The area lies along a prominent structural high that trends north northwest from Ecuador and continues through the Tacacho Block.
The 24 month-long first exploration phase of the MEP requires a minimum investment of US $8.0 million, which will be spent on the acquisition, processing and interpretation of 480 kilometers of 2D seismic. PRE will retain a 50.5% working interest in the block.
Petrodorado's working interest is subject to Colombian governmental and/or regulatory approvals.
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