Oil and gas exploration and production company La Cortez Energy has entered into a separate private farm-in agreement for a 20% net working interest in the Maranta exploration and production block in Colombia with Emerald Energy.
According to the company, the Maranta block covers an extension of 36,608 hectares in the foreland of the Putumayo Basin in southwest Colombia. Emerald completed the first phase exploratory program for the Maranta block by reprocessing 40km of 2D seismic and shooting 71km of new 2D seismic, identifying several promising prospects and leads.
To complete the next exploratory phase, Emerald plans to initiate the drilling of an exploratory well into the Mirto prospect in the block during the first quarter of 2009. The targets are the Villeta and the Caballos formations.
Under the terms of the farm-in agreement, La Cortez will partially carry Emerald on first-phase sunk costs and the first exploratory well in 2009. After complying with the initial carry, La Cortez will earn a 20% net working interest in the block.
After La Cortez has complied with its farm-in obligations, Emerald will submit a request to the Agencia Nacional de Hidrocarburos (ANH), Colombia’s hydrocarbon regulatory agency, to assign the agreed upon participation interest in the block to La Cortez.
