Increased acreage: Baraka is building on La Punta success
Baraka moves on new Colombia block
Australia’s Baraka Petroleum has entered into an agreement with Omega Energy to buy a 20% interest at the Chicuaco Block in the Llanos basin, eastern Colombia.
In return for the stake, Baraka will contribute $1.3 million for the first $5 million in work expenditure at the block.
The operator of the block is currently preparing for the drilling of the Monza-1 exploration well, which is due to spud as soon as 20 December, with drilling time estimated at one month.
Baraka’s total expenditure to the end of the drilling of the Monza-1 exploration well is expected to be $1.8 million.
The Chicuaco Block is about 70 kilometres from the La Punta oilfield in which Baraka has a stake.
Total potential unrisked recoverable resource for the block is estimated by the Baraka to be between 5 million and 20 million barrels.