Exploration & Production | Operational Updates | Capital Markets | Private Equity Activity
Santa Maria Exits Block LLA36
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Santa Maria Petroleum Inc. announces that it has entered into an agreement with the operator of Block LLA36 in the Llanos Basin in Colombia that will terminate the Company's participation interest in LLA36.
The Company will have no further interest in the Block nor will it have any further obligations or liabilities.
$1.1 million in Letters of Credit that had been provided by Santa Maria to the Colombian Angencia Nacional de Hidrocarburos (ANH) in order to guarantee work commitments on this block have been released and replaced by Letters Credit provided to the ANH by Montecz S.A. These Letters of Credit had been secured by a combination of cash on deposit and an Indemnification Agreement with Export Development Canada.
Following the sale of its interest in Block LLA36, Santa Maria will…
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