Exploration & Production | Deals - Joint Ventures
ConocoPhillips, Canacol Join Forces for Shale Oil Project
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Canacol Energy Ltd. has reported that its wholly-owned subsidiary, Canacol Energy Colombia S.A. (CEC), has entered into a farm-out agreement (the FOA) with ConocoPhillips Colombia Ventures Ltd., a wholly-owned subsidiary of ConocoPhillips Company for the exploration and potential development of the Corporation's operated Santa Isabel exploration and production (E&P) contract located in the Middle Magdalena basin of Colombia.
The Santa Isabel E&P contract is one of five contracts that Canacol has interests in totaling approximately 334,000 net acres that expose the Corporation to a potentially large unconventional shale oil play, as supported by recent drilling results on the Corporation's adjacent VMM2 contract.
Charle Gamba, President and CEO of the Corporation, commented…
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