The initial spudding at the well, located in the CPO-07 Block, reached a total depth of 4,040 feet on November 9, 2012 without incident.

It also indetified good sand development in the C5 and C7 Intervals of the Carbonera Formation.

PetroNova CEO Antonio Vincentelli said, "The Matamata-1 well completes PetroNova’s Phase I exploration plan for the CPO-07 Block, which resulted in one hydrocarbon discovery at the Pendare-1 well in July 2012."

"We are currently preparing to move the rig to CPO-13 to drill Arowana, our next prospect in the Llanos Basin drilling campaign," he added.

In the block, PetroNova has 20 % working interest.