Gold Oil will retain a 25% interest in the permit, and under this farm-out agreement, the company will have the opportunity to participate in the well at no cost.
The well is expected to spud by mid-December and will take an estimated 17 days to drill to a depth of 3,340ft.
It will primarily evaluate the Cretaceous Rosablanca Formation, with the Tablazo Formation as a secondary objective.
It is expected that the well will be perforated and tested to confirm or refute the presence of hydrocarbons in these rocks, and the unrisked prospective resources for this prospect are estimated by Gold Oil to be six million barrels.
Gold Oil is an oil and gas exploration and production company primarily focused on opportunities in Latin America.
