Petro Vista looks ahead in Colombia
Canada-based independent explorer Petro Vista Energy has sealed a heads of agreement with New Horizon Exploration to farm in to a 25% working interest in the La Maye Block, in Colombia's Lower Magdalena basin.
Petro Vista will take a 25% working interest in La Maye, which has an exploration and production contract with the Agencia Nacional de Hidrocarburos (ANH).
The agreement will see Vancouver-based Petro Vista assume 25% of the costs of a turn key contract to drill four wells in the block at a net cost to Petro Vista of $2.1 million, said the company in a statement.
The agreement will be superseded by a joint operators agreement and a participation agreement.
La Maye covers 68,473 acres in the Lower Magdalena Valley, and is next to the Cicuco oilfield.
Cicuco has produced over 44.69 million barrels of oil and 181.14 billion cubic feet of gas through June 2000 from 28 wells.
The farm in is subject to Petro Vista receiving TSX Venture Exchange acceptance and ANH approval.