The company is drilling the well with the Saxon 132 1,500 HP rig to a planned total depth of 10,850ft.
The well will test the hydrocarbon potential of the Mirador and Une formations with secondary targets being the Carbonera and Gacheta formations.
Quetzal said its gross budget for drilling the well is $10m and the testing budget is $4m – $5m, and it is paying 50% of this amount to earn a participating interest of 45.275% before payout and 34.25% after payout.
NCT EG Energy Group Colombia is the official operator of the block before the ANH and Quetzal is acting as operator on behalf of NCT under a private participation deal.
