Exploration & Production | Discoveries
Colombian Llanos Basin Discovery Hits 1,832 BO/d
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Canacol Energy Ltd. has reported the results of its Agueda 1 ST exploration well on the Labrador prospect on the LLA23 Exploration and Production (E&P) Contract, located immediately to the north of the Corporation's Rancho Hermoso field in the Llanos Basin of Colombia.
Unlike the Rancho Hermoso field, which is governed by contracts with Ecopetrol S.A., the LLA23 contract is governed by the Agencia Nacional de Hidrocarburos, which receives a variable base royalty beginning in an 8% related to gross production resulting in 2-3 times better netbacks and reserve valuations than those available under the Rancho Hermoso tariff and non-tariff contracts.
The Corporation has an 80% operated working interest in the LLA23 contract, with Petromont Colombia S.A, Sucursal Colombia holding the remaining…
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