Exploration & Production
Canacol, Conoco Spin Bit at Colombian Oso Pardo Well
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Canacol Energy Ltd. has reported the commencement of drilling operations for the Oso Pardo 1 exploration well being drilled on the Santa Isabel Exploration and Production (E&P) contract located in the Middle Magdalena Valley of Colombia.
Pursuant to the terms of the agreements between Canacol and ConocoPhillips Colombia Ventures Ltd., a wholly-owned subsidiary of ConocoPhillips Company, Canacol will hold a 30% operated working interest in the deep Cretaceous section of the contract, with ConocoPhillips holding 70% working interest. Canacol retains a 100% contractual interest in the shallow Tertiary section of the Concession Contract. The formalization of the aforementioned working interest remains subject to the official approval of the Agencia Nacional de Hidrocarburos.
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