CanadianOxy acquires new exploration blocks in Colombia


Colombia has awarded a 100% working interest and operatorship in two new exploration blocks to Calgary-based Canadian Occidental Petroleum Ltd. The Fusa and Villarrica blocks cover 520,000 acres immediately east and south of Canadian Occidental's Boqueron Block.

The company says it has identified a number of leads on the blocks that are "look-alikes" to the Guando play that it discovered on Boqueron Block in Colombia's Upper Magdalena basin earlier this year. It postulates Guando reserves at 1.4 billion bbl.

Approximately 420 km of 2D seismic will be acquired on Fusa and Villarrica at the end of this year, with a view to identifying drilling prospects for 2001, the company said.

"These new blocks are part of our aggressive growth strategy for this area,'' said Vic Zaleschuk, president and CEO of Canadian Occidental. "With large reserves, existing infrastructure, and competitive costs, Colombia is quickly becoming another core area for CanadianOxy.''

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