Sintana Energy, a subsidiary of Drift Lake Resources, has entered an agreement with Petrodorado Energy to farm-in for an undivided 30% interest in the Talora block, which is located in Magdalena Basin, Colombia.
The 438km² Talora block consists of the Middle Magdalena oilfields to the north and the Upper Magdalena oilfields to the south, and both contain light and medium-gravity oil.
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Nine wells have been drilled in the Talora Block and no well has yet reached the Cretaceous Caballos reservoir.
The transaction will provide Sintana with a near-term production and positive cash flow because of its close proximity to pipelines.
