Reprocessing of 1,300km of 2D seismic data has now been completed and has confirmed the existence of at least seven leads in the block.
PetroLatina and its partner La Cortez Energy (La Cortez), together with representatives from the ministry of the interior, are currently collating information which will be used to define the layout of 103km of new 2D seismic, expected to be acquired during the second half of this year, as well as assisting with the application for the necessary environmental permit required for drilling the first exploratory well which is expected to be spudded towards the end of the year.
In early 2009, PetroLatina finalized farm-out terms with La Cortez in the form of a joint operating agreement under which the company holds a 50% interest in the block, but is only responsible for 40% of seismic related costs and 50% of future capital expenditure.
The Putumayo-4 block covers an area of 51,333 hectares in the Putumayo Basin of southern Colombia and has over 400km of pre-existing 2D seismic data from which PetroLatina identified promising leads.
Juan Rodriguez, CEO of PetroLatina, said: “The Putumayo-4 block is an exciting exploration asset in an area of Colombia which is rapidly becoming a prolific hydrocarbon producer. We look forward to providing a further update once the new 2D seismic has been acquired and interpreted in due course.”
