Flag day: for Loon in Colombia
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Loon takes wing at Colombia well
Calgary-based Loon Energy said it had spudded its Kristie-1 exploration well on the Revancha Sur area of the 62,500-acre Abanico block in Colombia.
The well is to be drilled to a total depth of 6300 feet to test a target thought to contain up to 65 million barrels of oil, it said.
Drilling is being funded through a farm-out deal with Prospero Hydrocarbons. Prospero will pay for 50% of the costs of the Kristie-1 spud and another well in return for a 25% interest in the overall Kristie prospect.
Loon said it had entered a similar deal with Prospero regarding a well to be drilled on the Abanico prospect.