Colombia

Houston American Energy Corp. completed a farmout that gives it the right to earn a 12.5% interest from Shona Energy (Colombia) Ltd. in the 110,769-acre Serrania block in the Llanos basin in Colombia’s Meta Department.

By OGJ editors
HOUSTON, June 24 – Houston American Energy Corp. completed a farmout that gives it the right to earn a 12.5% interest from Shona Energy (Colombia) Ltd. in the 110,769-acre Serrania block in the Llanos basin in Colombia’s Meta Department.

Houston American is to pay 25% of the Phase 1 work program that consists of completing a geochemical study, reprocessing 2D seismic, and shooting, processing, and interpreting 115.93 line-km of 2D seismic by Sept. 15, 2009. Houston American estimated its share of the cost at $1.125 million.

Upon completion of the program, Hupecol Operating LLC will have the rights to acquire a 50% participating interest in the Serrania Block and will act as operator.

Serrania is just north of the Ombu block, where Emerald Energy PLC gauged the Capella heavy oil discovery last fall with as much as 100 million bbl recoverable (OGJ Online, Sept. 18, 2008).

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