RE: RE: Carrao same as Monterrico?I've tried finding any mention of Carrao anywhere - and there's no material info on them. They are listed in an OSC bulletin, along with being part of a portfolio (https://www.qwestfunds.com/products/flow-through/2011IIpdf/prospectus.pdf) fund.
What's odd is the website for Carrao looks like it was created Nov 6, 2011...bizarre.
It's not listed on an exchange, so I assume they are privately held shares (not sure how common that is).
Monterrico's participation in LLA 23 appears to be 39% - maybe they are the owner, and only part-operator? Is that possible?
The middle magdela blocks are similar: VMM3 - 39% participation, but they are not the operator (integral de servicos tecnicos is), VMM2 - 40% participation, but operated by Vetra Group, and Saint Isabel is 100% with Green Power Corp the operator. I believe Green Power Corp is Petrolera Monterrico...based on this:
https://gpower.com.co/green-power.pdf
VMM-3 was sold (under approval) to a "major oil producer" in September. According to an NR back in August, Petro-America (PTA) sold it's stake in VMM-3 to Shell:
Petroamerica Oil Corp. ("Petroamerica" or the "company") (TSXV: PTA), the Canadian oil and gas junior, has reached an agreement with Shell Exploration and Production Colombia GmbH (SEPC) Sucursal Colombia ("Shell E&P Colombia"), an affiliate of the Royal Dutch Shell group of companies, to sell its entire 50% contractual rights in the VMM-3 exploration block, in the Middle Magdalena Valley of onshore Colombia.
Under the terms of the agreement to acquire Petroamerica's 50% contractual rights, Shell E&P Colombia will commit to the following: 1) pay Petroamerica a cash fee of US$7.0 million, and 2) replace the current US$1.8 million bank guarantee for the minimum commitments with the Colombian National Hydrocarbon Agency ("ANH"), under the terms required per the VMM-3 E&P Contract ("Contract"). Petroamerica's contractual obligations amounting to a carry of the first phase exploration program of 2D seismic and one exploratory well to a cap of US$10.7 million would be cancelled upon closing of the transaction with Shell. The VMM-3 block covers an area of 83,311 acres and the cash component of the transaction translates into a unit value of US$168 per acre
I have no idea what this means - is it a "shell" game (pardon the pun), or are there different levels of participation in each of these blocks of land in Colombia?
It's all very mysterious to me, but I wonder if Carrao was used as a front to buy up some of Monterrico's holdings, as that company apparenlty wants to focus on renewable energy instead of it's oil properties.
Anyone care to clarify the difference between working interest and participation?