C&C Energia has signed a purchase and sale agreement with Ramshorn International to acquire Ramshorn’s oil and gas properties in Colombia for $89m.
C&C will acquire a 70% operated interest in the 354km² Cachicamo E&P block and a 50% non-operated interest in the Pajaro Pinto exploration block, covering 243km² in the Central Llanos Basin.
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The Cachicamo block produces about 1,400bpd of light oil and is expected to increase to an average of 1,860bpd for 2011.
The Pajaro Pinto exploration block is located 50km south-west of the Cachicamo acreage.
A recent 3D seismic survey conducted by C&C on Pajaro Pinto has identified five exploration prospects. The firm plans to drill at least two prospects this year with the first well to spud in the second quarter of 2011.
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By GlobalData
