The MoU is subject to the execution by PCR of definitive agreements with the Colombian National Agency of Hydrocarbons (ANH).
The exploration activities will be conducted on two onshore exploration blocks located in the Putumayo basin in southwest Colombia known as the Putumayo 6 (PUT 6) and Putumayo 7 (PUT 7) exploration blocks.
The PUT 6 and PUT 7 cover an area of approximately 574sq m and 167sq m, respectively.
Subject to the execution of a joint operating agreement, GeoGlobal will be carried for a 10% participating interest in both the PUT 6 and PUT 7 exploration blocks through the minimum and additional work programs as bid in return for GeoGlobal providing to PCR technical assistance through the exploration phase.
