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Canacol signs Colombia exploration deal with ConocoPhillips

(Reuters) – Canacol Energy Ltd said it entered into an exploration and development deal with ConocoPhillips for one of the Canadian oil and gas producer’s shale oilfield in Colombia.

ConocoPhillips will pay for the drilling, completing and testing of about 13 wells to earn 70 percent of Canacol’s 100 percent working interest in a section of the Santa Isabel project.

ConocoPhillips will also pay Canacol a bonus of $13.5 million in two tranches on the fulfillment of certain conditions, Canacol said in a statement.

South America-focused Canacol will retain control of the shallow tertiary section under the deal signed by the companies’ Colombian units.

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Written by Rico

Rico

"Rico" is the crazy mind behind the Q media websites, a series of onlinemagazines that includes TodayColombia.com. Rico brings his special kind of savvy to online marketing. His websites are engaging, provocative, informative and sometimes off the wall, where you either like or you leave it. The same goes for him, like him or leave him.There is no middle ground. No compromises, only a passion to present reality as he sees it!