Agapanto-1 is the third exploration well to be drilled on the Maranta Block, where Colombia-based La Cortez holds a 20% working interest.
The well, which was spud on 9 August 2012, is expected to fulfil the first phase of the two-phase exploration program and reach a total depth of 11,500ft.
Drilling was undertaken to evaluate the Villeta N, U and T sands and will targeting the potential of the currently producing N sand.
The company said drilling will also target the potential of the U and T sands which were not properly tested in the previous wells (Mirto-1 and Mirto-2) owing to mechanical and isolation difficulties.
La Cortez Energy said the final assignment of the 20% participation interest in the block is subject to final approval of the Agencia Nacional de Hidrocarburos (ANH).
Emerald Energy on 12 September 2006, signed an E&P contract with ANH, it earlier owned 90,459 acres however following contractual obligations it relinquished it acreage. Its current acreage stands at 45,230 acres.
La Cortez Energy is an oil and gas exploration and production firm with an initial focus on identifying oil and gas exploration and production opportunities in Colombia.
