Colombia

Brownstone Ventures Inc., Toronto, and Quetzal Energy Inc., Calgary, plan to acquire interests from private Fenix Energy Inc. in the Canaguaro block in Colombia’s Llanos basin 25 km south of giant Cusiana and Cupiagua oil fields.

By OGJ editors
HOUSTON, Jan. 22
– Brownstone Ventures Inc., Toronto, and Quetzal Energy Inc., Calgary, plan to acquire interests from private Fenix Energy Inc. in the Canaguaro block in Colombia’s Llanos basin 25 km south of giant Cusiana and Cupiagua oil fields.

The companies can each earn a 25% interest in the block by paying 62.5% of the first $10 million and 50% of the balance of the cost to drill the Canaguay-1 exploration well.

The initial well location is based on a 42 sq km 3D seismic program shot in 2009 on the 24,000-acre block.

Brownstone and Quetzal noted that Cusiana and Cupiagua are producing 18,000 b/d and 36,000 b/d, respectively. Canaguaro is also 25 km northeast of the Corcel block, which is producing 14,000 b/d.

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