Llanos 40 covers approximately 163,000 acres and is situated roughly 175km to the northeast of Llanos 32 in which Apco previously acquired an interest by way of a farm-in agreement.
Apco’s three-year first phase exploration work commitments will include seismic reprocessing, acquisition of 300sqkm of 3D seismic and drilling of four exploration wells.
The block is subject to an exploration and production contract that includes an 8% initial royalty, plus an additional state participation of 1%. The contract requires approval of the Colombian National Hydrocarbon Agency.
Thomas Bueno, president and chief operating officer of Apco, said: “This makes our third exploration venture in Colombia, counting our existing participations in Llanos 32 and the Turpial Block in the Magdalena basin.”
