Pursuant to the agreement, and subject to the written approvals of the National Hydrocarbon Agency (ANH) and the other party on the Balay Block, to earn 15% in the Balay Block, the company will pay 25% of the first well, Balay-1 (the First Well), and 15% in back costs for a newly acquired 3D seismic program (Seismic).
The First Well was spud on November 28, 2009 and is expected to reach a total depth in February 2010. The Balay Block lies to the north east of the Corcel Block and the recent discoveries located in the Llanos Basin of Colombia.
Petroamerica Oil has appointed Paul Kroshko as president and chief executive officer and has elected Jeff Boyce as chairman of the company.
