GeoGlobal Resources said it has signed an agreement with Petro Caribbean Resources for jointly conducting oil and natural gas exploration and development activities in Colombia.
The exploration activities will be conducted on two onshore exploration blocks, Putumayo 6 and Putumayo 7, located in the Putumayo basin in southwest Colombia.
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According the contract signed by the two companies, GeoGlobal can hold 10% participating interests in both the blocks through additional work programmes.
The company can also increase its stake up to an additional 40% participating interest in each of the blocks.
The PUT 6 covers an area of 574km², while PUT 7 covers a 167km² area.
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By GlobalData
