Colombia-focused Parex Assets Inc. has entered into agreements with Ecopetrol S.A. for a 50 p.c working curiosity in 4 blocks positioned within the Putumayo Basin and the Farallones Block within the Llanos Foothills of Colombia.
The Putumayo collaboration agreements “set up a brand new core space” for Parex, the corporate stated in a information launch, including that over 350 million barrels of oil have been recovered thus far within the space by way of major restoration strategies with restricted latest drilling.
Parex stated the enterprise collaboration agreements are for the Orito, Space Sur, Occidente, and Nororiente Blocks within the Putumayo Basin of Colombia by way of an preliminary work plan dedication with no up-front acquisition price.
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The corporate famous that the Putumayo Blocks “provide important upside potential and the power to meaningfully enhance restoration components” by way of the applying of low-risk infill drilling, re-completions, facility upgrades, and enhanced oil restoration (EOR) implementation.
Parex’s unbiased certified reserve evaluator, GLJ Ltd. has acknowledged firm curiosity proved plus possible reserves (2P) of 18 million barrels, in accordance with the discharge.
Parex will assume operatorship of all future drilling and capital actions, whereas Ecopetrol will retain operatorship of present and future manufacturing. Confirmed reserves (1P) had been marked at 10 million barrels.
The acquired Putumayo blocks present a low-risk improvement drilling stock with gross 2P future places of roughly 19, along with current producing wells and re-completion alternatives, Parex stated. Along with improvement alternatives, the acquired blocks add near-field exploration prospects in confirmed performs that materially improve its portfolio.
Parex additionally acquired a 50 p.c working curiosity and operatorship within the Farallones Block within the Llanos Foothills of Colombia, in trade for drilling the Farallones exploration effectively, in addition to the additional expenditure dedication for carry capital of roughly $30 million on a gross capital program of roughly $60 million.
The acquisition extends Parex’s Foothills place and contains Farallones, which is an exploration prospect that offsets Cusiana by roughly 70 kilometers and represents one of many highest-ranking prospects within the firm’s exploration portfolio.
Parex stated it plans to start preliminary entry work to organize for civil works exercise and the anticipated spud of Farallones in 2026.
Parex added that it expects to realize its FY 2024 common manufacturing steering of 49,000 to 50,000 barrels of oil equal per day (boepd).
“The agreements introduced immediately align with Parex’s technique and add important, lower-risk improvement & exploitation stock, whereas consolidating our place within the Llanos Foothills pattern the place world-class exploration potential exists,” Parex President and CEO Imad Mohsen stated.
“The longstanding partnership between Parex and Ecopetrol is additional strengthened by these agreements. I’m significantly excited concerning the re-development alternatives that exist within the Putumayo, and Parex’s enhanced exploration place within the Llanos Foothills, probably the most prolific pattern in Colombia,” he remarked.
Parex describes itself as one of many largest unbiased oil and fuel firms in Colombia, specializing in sustainable typical manufacturing. The corporate’s company headquarters are in Calgary, Canada, with an working workplace in Bogotá, Colombia.
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