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La Cortez eyes Putumayo farm in (de la part de gg)

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Colombian player La Cortez Energy said it had signed a preliminary agreement with Petronorte to farm in to a 50% stake in the Putumayo 4 block in the south of the country after Petronorte won the right to develop the lease in last year’s “mini-round”.

La Cortez said the memorandum of understanding was now expected to be converted to a full farm-in agreement early this year after the win by Petronorte, a unit of UK-listed Petrolatina, was confirmed by Colombia’s hydrocarbons regulator.

The block covers about 51,333 hectares in the Putumayo basin south of Gran Tierra’s Costayaco discovery in the Chaza block.

The companies had identified several “promising” leads from the existing 400 kilometres of 2D seismic covering the area.

Under the terms of the bid, the pair will shoot 103 kilometres of new 2D seismic and drill an exploration well in the first three years of the programme. The contract provides for two further three-year exploration phases and a 24-year production phase.

Under the terms of the proposed farm-in, La Cortez will assume two-thirds of the cost of the first seismic campaign, to be reimbursed by Petronorte should the first well become a producer.

Wednesday, 07 January, 2009, 08:03 GMT | last updated: Wednesday, 07 January, 2009, 08:03 GMT

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