Ecopetrol Óleo e Gás do Brasil Ltda, a wholly owned subsidiary of Ecopetrol S.A., and Vanco Brasil Exploração e Produção de Petróleo e Gas Natural Ltda, a wholly owned subsidiary of PanAtlantic Energy Group, reported that the companies have reached an agreement in which Ecopetrol Oleo e Gas do Brasil Ltda will acquire a 30 percent interest in three exploration blocks BM-S-72 (formerly SM-1100), BM-S-63 (formerly SM-1036), and BM-S-71 (formerly SM-1035), in the Santos Basin, offshore Brazil. In line with Brazilian petroleum legislation, the transaction is subject to approval from the National Petroleum Agency (ANP).

Following this transaction, PanAtlantic will, through its Brazilian subsidiary, retain a 40 percent working interest in the concessions and continue as Operator for the three-well drilling campaign, which commenced on July 7, 2012 with the drilling of the Sabia-1X well in BM-S-72. Additional interests are held by Panoro Energy ASA 15 percent and Brasoil Round 9 Exploracáo Petrolifera Ltda 15 percent

Tags: Ecopetrol S.A.