Suroco Energy Inc. report that the Poyato-1 exploration well in the San Antonio Block in Colombia has commenced drilling. The well spudded on July 21, 2011 and is expected to take approximately 25 days to reach planned total depth of approximately 8,720 feet. The Poyato-1 exploration well is the first well to be drilled in the San Antonio Block and is located on a structural closure defined on recently acquired 3D seismic. The well has multiple reservoir targets including the Carbonera, Guadalupe, and Une Formations.
As previously announced by the Corporation, the Corporation has exercised its option to acquire a 28% working interest in the San Antonio Block in Colombia. The completion of the acquisition is pending approval from the Agencia Nacional de Hidrocarburos of Colombia, which the Corporation expects to receive in August, 2011. In 2008, the San Antonio block was adjudicated to the operator Thorneloe Energy Colombia within a public bidding, "Mini-Round 2008" led by the Agencia Nacional de Hidrocarburos (the National Hydrocarbons Agency).
The Corporation is a Calgary-based junior oil and gas company, which explores for, develops, produces and sells crude oil, natural gas liquids and natural gas in Colombia and Western Canada. The Corporation's common shares trade on the TSX Venture Exchange under the symbol SRN.