Baraka buys into another Colombian block
Baraka Petroleum Ltd., Perth, has acquired from Omega Energy Colombia SA a 20% interest in the Chicuaco Block in eastern Colombia.
MELBOURNE, Dec. 14 -- Baraka Petroleum Ltd., Perth, has acquired from Omega Energy Colombia SA a 20% interest in the Chicuaco Block in eastern Colombia. Drilling on the block is due to begin before yearend.
Baraka will earn the share by paying $1.8 million (Aus.) towards the initial work program.
The Monza-1 wildcat in the Llanos basin is scheduled to spud on Chicuaco Dec. 20. It will target intra-Carbonera and Guadalupe reservoirs contained in a simple fault-dependent structure that has been defined by 3D seismic.
The Monza structure could hold 2-5 million bbl of oil reserves and could be brought on stream quickly if a commercial discovery is made, Baraka said.
The block is 70 km from La Punta field, in which Baraka Petroleum secured an interest a few months ago.