Canada-based oil and gas company Santa Maria Petroleum announced that Omega Energy, the operator of Llanos 21 block, has commenced drilling at Calacho No. 1 well in Llanos basin in Colombia.
Omega Energy is drilling the Calacho well as the first of a planned two-well drilling programme on the block.
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The Calacho well will be drilled to a total depth of 7,000ft within 30 days.
Santa Maria said that plans are underway to test the hydrocarbon potential of the C7 and Une formations in the Calacho well, while the gross budget and testing of the well is about $4.5m.
The Rocamao No. 1 well is the second planned well of the drilling programme, which will be drilled to a total depth of 6,900 ft.
Drilling of Rocamao well, which is also expected to take about 30 days, will test the hydrocarbon potential of the C7 and Une formations. The gross budget to drill and test is around $5.1m.
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By GlobalDataAs part of the terms of the original farm-in agreement, the company has to pay 50% of the costs of the two wells in exchange for an income production participation of 35%.
Following the new terms signed in spring 2012, the company will have to pay a maximum of $3,875,000 towards the costs of the two wells, of which, $2,000,000 has already been paid.
