Black Rock takes Colombian stake
Black Rock Oil and Gas will acquire a 50% stake in Kappa Energy's Las Quinchas licence in the Middle Magdalena basin, Colombia.
Under the agreement, Black Rock will earn the interest in the block through participation and funding of a work programme.
The initial project will involve testing and completing an existing discovery. The two companies also plan to start a heavy oil steam flood pilot project in the fourth quarter of 2005. Deepening of an existing well to test the Cretaceous play is also planned.
A drilling rig is currently enroute to carry out a workover of the Bukhara oil discovery. Perforation and testing of a 146 feet oil column in the well is expected to begin next week.
This will be followed by the drilling of the Arce 3 well in the Arce oilfield, which has estimated recoverable reserves of about 5 million barrels of heavy oil.