Pacific Rubiales will carry costs of $33 million to drill, complete and test four wells on the block to attain a 50% share in the project. It will also take on $12.5 million in back costs.
"This agreement enables PetroNova to develop the Tinigua prospect with minimum additional financial commitments until the commercial phase," chief executive Antonio Vincentelli said.
"We are looking forward to working with such a prominent Colombian oil and gas exploration and production company to determine the potential of the Tinigua prospect."
Petronova
