From Reuters Shell has sold 40 percent of its participation in two offshore oil exploration contracts in Colombia to Noble Energy, which will also operate the blocs, the government said on Tuesday. Colombia recently modified contractual terms for offshore exploration and launched a permanent bidding process in an effort to boost its long-stagnant oil sector. Neither the companies nor the
From Reuters Colombia’s state-run oil company Ecopetrol SA is looking to spend $500 million in exploring unconventional deposits over the next three years, its chief executive said on Tuesday, starting with pilot programs in the Magdalena Medio region. “We’ve applied for some licenses, we will apply for more… roughly 20 wells that will need to be drilled, fracked, cored, lobed,
Latin America-based GeoPark Limited (stock ticker: GPRK) has been extending its reserves and announced plans to buy back shares in 2019. Last month, GeoPark increased its equity interest to 100% in its Colombian and Chilean businesses, blocks, and reserves, including the Llanos 34 block (GeoPark operated, 45% WI) in Colombia. In doing so, GeoPark acquired and closed on LG InternationaI’s
Toronto-based Frontera Energy Corporation (ticker: FECCF) announced a light oil discovery in the Llanos-25 Block in Colombia. The discovery was made on the Acorazado-1 exploration well. According to a presentation from Frontera, the Llanos-25 property is a 168,805-acre property for which the company has 100% working interest. “The Acorazado-1 exploration well is the fourth exploration discovery in Colombia so far in 2018,
Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX:CNE) (OTCQX:CNNEF) (BVC:CNEC) is pleased to provide the following exploration, gas and oil sales, and Corporate update. Breva 1 Gas Exploration Well VIM 21 Exploration and Production Contract CNE Oil and Gas S.A.S, 100% Operated Working Interest Breva 1 was spud on April 29, 2018 using the Pioneer 302 drilling rig, and reached
Latin American E&P operator GeoPark Limited (ticker: GPRK) released a production update today, noting that current production is currently at 35 MBOEPD. This figure includes production from the recent Argentina acquisition. Oil production increased by 33% to 27,345 BOPD (up 8% compared to Q4 2017) Colombian oil production increased by 37% to 26,303 BOPD (up 8% compared to Q4 2017)
Frontera Energy Corporation (ticker: FEC) reported a net loss of $217 million, or $(4.33) per share for 2017. In Q4 2017, the company posted a net loss of $33 million, or $(0.65) per share. The company attributed the year’s loss to impairment charges in the aggregate amount of $123 million and mark to market loss on risk management activities of
Calgary’s Canacol Energy Ltd. (ticker: CNE) recorded a net loss of USD$148 million for the year ended December 31, 2017, or $(0.48) per share – this compares to a net income of $23.6 million for the same period in 2016. For Q4 2017, the company had a net loss of $150.3 million, or $(0.85) per share – this compares to
GeoPark Limited (ticker: GPRK), an independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Brazil, Argentina, Chile and Peru, issued an operational update. GeoPark’s 2018 work program and budget is $100-$110 million. The company is targeting the drilling of 30-plus wells, representing a 15-20% production increase over 2017 average levels. The projects
Gran Tierra Energy Inc. (ticker: GTE) has released its 2018 capital budget and production guidance. Highlights 2018 average production of 36,500 to 38,500 BOEPD, representing growth of 20 to 27% over 2017 year to date average production 2018 capital budget of $250-270 million 2018 cash from operating activities forecast of $265-285 million at $57/barrel (Brent oil price) The company operates over
Ecopetrol (ticker: EC) said that the Coyote-1 well confirmed the presence of oil in the Middle Magdalena Valley basin in Santander. The finding was recorded between 2,042 and 2,177 meters in depth, confirming the presence of medium crude. The API ranges between 25°-28°, which is lighter and more liquid than heavy Colombian crudes in the Esmeraldas formation. The Coyote-1 is
Gran Tierra Energy: reinvesting cash flow in exploration: we’re trying to drill 30-40 exploration wells in the next 3-4 years At its recent 2017 The Oil & Gas Conference®, EnerCom’s Oil & Gas 360® conducted an exclusive video interview with Gran Tierra Energy (ticker: GTE) President & CEO Gary S. Guidry. Gran Tierra transformed its portfolio through four strategic, accretive
