Camelot Oil Energy is active in Exploration & Production (E&P) of crude oil concessions mainly in Colombia and Peru.
Camelot has negotiated the exclusive rights for a participation of 70% in the oil concession Block VMM12 (in the Valle Medio Magdalena in Colombia).
Based on positive seismic results and exploration wells during the exploration process in the VMM12 oil concession, recoverable reserves could reach 3.5 million barrels by the end of next year and 17,500,000 barrels by late 2013.
The oil concession Block VMM12 in Colombia was awarded, in 2009, to Conequipos, for thirty years by the Colombian Government agency, ANH.
Subject to positive seismic results, and exploratory wells, the anticipated oil reserves, by the end of the third year, could be in the vicinity of 50 million barrels of oil of which 17 million barrels would be recoverable.
Camelot Oil expects the Valle Medio project to take part over four phases and expects to start phase one, initial seismic work during the third quarter of 2011.
