Tisquirama

The Tisquirama licence (with the Los Angeles and Santa Lucia fields) lies directly adjacent to the two exploration licences, Midas and La Paloma, in which PetroLatina has interests since 2006. With the infrastructure and staff acquired with PDN, PetroLatina has been able to explore and develop these licences very efficiently.

The licences will be governed by the new model ANH contract. This has eliminated the state right of back in and has reduced the level of taxation from that which previously existed.

Midas Block

PetroLatina is the operator of the Midas licence and holds an 85% interest. During the last four phases Petrolatina has fulfilled all the commitments with ANH, reprocessing over 360 m of existing 2d seismic, also acquiring 130 km of 2D seismic and 49 sq km of 3D seismic from 2007 to 2008. Also the drilling of two exploratory wells Chuira and Zoe. For the next two phases the work programme covered a 2 years period and included 40 sq km of 3D seismic (2011) and one exploratory well (2012).

Several leads have been identified; potential reservoir targets lie within Cretaceous and Tertiary sandstones and also in deeper Cretaceous carbonate and shales reservoirs.

La Paloma Block

In the case of La Paloma, the Company holds an indirect 85% interest in the licence. The initial work programme carried out included the reprocessing of existing 2D seismic (302 km) and the acquisition of new 2D seismic (68 km) during 2007. Following the discovery made at the Colón field with the drilling of the first exploratory well in the block, 54 sq km of 3D seismic data was acquired. Based on this the Colón 2, and 3St wells were drilled completing the exploratory phases. In 2010 an additional exploratory program for 4 years was proposed and accepted by the ANH and 2 wells will be drilled before April 2012, 50 % of the area outside of evaluation areas was relinquished.

Putumayo 4 block

Petroleos del Norte is the operator of the PUT-4 license and holds a 50% interest. The initial work programme covers a three year time frame and includes reprocessing of existing 2D seismic data of around 1300 kms, the acquisition 103 km of new 2D seismic, the investment of US$1.6 million in additional 49 Km of 2D Seismic data, and the drilling of one exploratory well. Several leads have been identified which could hold prospective resources of up to 5 million barrels. Potential reservoir targets lie within Cretaceous sandstones, similar to the reservoirs at the Nancy and Burdine oil fields close by.