Petroamerica Oil Corp. commences drilling operations on two of its exploration properties in the Llanos Basin of Colombia.
The Zampoña-1 exploration well was spud on October 28, 2014 and is targeting Mirador, Gacheta and Une formations on the next fault trend to the east of the currently producing Las Maracas Field. The well is expected reach a total depth of approximately 12,700 feet (measured depth). Zampoña-1 is situated on the Los Ocarros Block where Petroamerica holds a 50% working interest ("WI").
The Langur-1x exploration well was spud on November 4, 2014 and is targeting Mirador, Gacheta and Une formations in a highly prospective low-side fault closure. The well is expected reach a total depth of approximately 13,800 feet (measured depth). The Langur-1x well is situated in the Llanos-19 block, where Petroamerica holds a 50% participating interest, subject to ANH (National Hydrocarbon Agency) approval, and the Company will pay 100% of the drilling costs up to a cap of US $17 million.