RE:From CFO - NewsOsso Pardo extension was applied for the 3
rd time in Q3 2022. We have since met personally with the highest levels at the Colombian Energy Regulator, ANH. We are pursuing a 2 track approach to getting approval.
- Waiting on ANH to conclude that our development will not interfere with deeper rights held by Canacol (our 20% shareholder) and a major oil company. Their rights are for drilling multi-stage fracs in horizontal wells. There is a moratorium on fracs in Colombia so not a problem. Timing is a factor
- We are pursuing a letter from both Canacol and the major oil company that they see no possibility of interference on their rights from our conventional drilling program that does not require fracking. We will then present this to the ANH. We are hopeful this will help expedite approval.
Thank you for your continued support.
Joe