Canacol, ExxonMobil eye Magdalena shale oil play

A unit of Canacol Energy Ltd., Calgary, and ExxonMobil Exploration Colombia Ltd. will pursue oil in conventional and unconventional targets in the Cretaceous La Luna and Rosablanca source rock formations in the Middle Magdalena basin of Colombia. Canacol's Carrao Energy Sucursal Colombia, which holds three adjacent contracts totaling 126,000 net acres, entered into a farmout agreement with ExxonMobil on the VMM 2 contract area. The formations are analogous to the Eagle Ford shale in Texas, Canacol said. Canacol chose to retain its 100% interest in the adjacent Santa Isabel E&P contract in order to capture all of the upside on the block should the play prove commercial on the adjacent ...

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