1st Aug 2014 09:58
LONDON (Alliance News) - Andes Energia PLC said Friday that, along with its partner Integra Oil & Gas SAS, it has been awarded licences for three undeveloped fields and conventional oil discoveries as part of a bidding round in Colombia.
Andes has a 70% interest in the assets and Integra has a 30% interest.
The assets are based in the Llanos basin in Columbia, in the Casanara and Meta departments. All three blocks have previous discoveries which have produced medium and light oil at between 350 and 2,400 barrels per day, and are currently shut in.
"The new fields will allow Andes to have a production base in Colombia, diversify the current cash flow source and add to our portfolio a potential emerging unconventional oil play to which we can apply our knowledge and experience in this type of play," said Chief Executive Alejandro Jotayan in a statement.
The licences have a first period of 12 months, and Andes said its total work commitment to the licences is around GBP250,000.
Shares in Andes Energia were trading down 1.1% at 47.00 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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