By OGJ editors
HOUSTON, Oct. 2 – International Sovereign Energy Corp., Calgary, plans to sell its interest in Charapa marginal oil field in Ecuador’s Oriente 15 km northwest of the producing Lago Agrio field to state Petroecuador.
Consideration is $3 million and replacement of International Sovereign’s $2.34 million performance guarantee to Petroecuador.
International Sovereign operates Charapa, which had produced 1.7 million bbl of oil from Cretaceous Hollin and Napo Caliza B at about 10,000 ft before watering out.
The Charapa concession contains three untested and prospective structures. They are Conejo, a seismically defined-drill ready structure 16 km west of the former producing field; Charapa Southwest, a seismically defined structure 5 km southwest of the former producing field; and Halcon, a seismically defined structure in the southwest part of the concession.