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Sintana Resources has entered into an agreement with Canacol Energy Ltd. - TSX: CNE to farm-in for an undivided 30% working interest in the COR-39 & COR-11 Blocks;
COR-39 and COR-11 are located in the Guando trend of Colombia’s Upper Magdalena Basin, are located in the Upper Magdalena Basin of Colombia, which is a dominant producing basin of light to medium oil. Guando is one of the last 100 million barrel fields to be found in Colombia with some favorable world-class attributes that have not yet been adequately pursued in the trend.
Guando was discovered in 2000 and contains medium-gravity oil with a hydrocarbon column over 2,100 feet thick and a NET reservoir over 1,000 feet thick. Recoverable reserve estimates are still increasing above 126 million barrels due to improved water flood programs.
COR-39 and COR-11 are 60 kilometers apart (north-south direction) on either side of Guando Field: COR-39 is 20 kms north of Guando and COR-11 is 40 kms south of Guando. COR-39 and COR-11 Blocks were awarded to Canacol in Colombia’s 2010 Bid Round and have positive contract terms and minimal X-factors of only 1% each. These Blocks represent sizeable exploration tracts, consisting of 95,106 and 176,915 acres, respectively, for a total of 272,021 acres (1,100 square kilometers). The COR-39 and COR-11 Blocks are located 50 and 90 kilometers, respectively, southwest of the capital city of Bogotá and are close to established infrastructure and local markets. COR-39 is adjacent and south of the Talora Block, Sintana Energy’s first acquisition in Colombia.
The Phase 1 work commitments for the COR 11 E&P contract include the acquisition of 155 kilometers (“km”) of 2D seismic and the drilling of one exploration well. The Phase 1 commitments for the COR 39 E&P Contract include the acquisition of 120 km of 2D seismic and the drilling of 2 exploration wells. The Phase 1 period for each of the contracts is 3 years in length, expiring in February 2014. Canacol shall remain the operator of both of the E&P contracts.
Partnered with: Canacol Energy