Houston American Energy Corp. (HAE) acquired a membership interest in Hupecol Meta LLC, which owns the CPO-11 block in Colombia’s Llanos basin. The 639,405-gross-acre block is comprised of the 69,128-acre Venus Exploration area, operated by Hupecol Operating Co. LLC, and 570,277 acres which was 50% farmed out by Hupecol to Parex Resources Inc., Calgary. Through its membership interest, HAE holds a 1% interest in the Venus Exploration area and a 0.5% interest in the remainder of the block.
Hupecol plans to begin drilling the Venus-1 horizontal well in the Venus Exploration area in December. Pursuant to the farmout agreement covering the balance of the block, the Daisy-1 vertical well is planned for November followed by the Montuno-1 in February 2020. Additional wells could be drilled in 2020 based on initial drilling results.
The CPO-11 covers 1,000 sq miles with multiple identified leads and prospects expected to support a multiwell drilling program, the company said. The Venus Exploration area includes an existing productive vertical well that is presently shut in. Based on analogies to adjacent Rubiales field and in order to optimize expected resource recovery and well economics, the Venue-1 well and future wells in the Venus Exploration area are currently planned as horizontal wells.
Over the last year, HAE acquired positions on two blocks in Permian basin’s Midland subbasin totaling 6,500 gross acres.
