Canacol Energy announced that its subsidiary, Canacol Energy Colombia has acquired a right to an 80% interest in each of the COR 4 and COR 12 Exploration and Production contracts located in the Upper Magdalena Basin of Colombia.
The new contracts are located adjacent to the Corporation's existing COR 39 and COR 11 E&P contracts and are prospective for both shallow conventional oil exploration targets within the Guadalupe sandstone reservoirs, and deeper non conventional oil exploration targets within the thick Cretaceous Villeta - La Luna shale.
Charle Gamba, President and CEO of Canacol, commented, "With the acquisition of these two contracts the Corporation has increased its position within this developing shale oil play in the Magdalena Valley of Colombia to over 545,000 net acres, giving Canacol the second largest shale position in Colombia after Ecopetrol, the state oil company.
“With several important near term catalysts on the horizon this year with respect to shale oil exploration on the part of both Canacol and other operators in Colombia, this pre-emptive acquisition consolidates the Corporation's position in this high potential play at very attractive metrics ahead of these important catalysts."
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