RE:Looks like Parex picks up another interesting exploration play in Columbia..
From what i saw, Plat didn't have the resource and decide to concentrate their effort on their other block and gave the rest of the 50 % WI of the morpho block to Parex (parex already had 50 % before agreement) in exchange for a 6 % royalties...
I think that's a good for PXT. Not being the operator of the block Before this agreement, they probably wouldn't have gain much from it, now they'll be able to assess if their's anything there. I think the 3D seismic was suppose to be done in Q1orQ2 2013 so they probable have it by now...
the only think i don't understand is why the Baco-1 and Morpho-1 Wells were abandonned, i now their trying to re-open them, but anyone has any idea why it was abandonned at first ?
it says : (Block characteristics : Produced 38 API oil from one reservoir with no declines, no increse in water or GOR ; Low permeability, large oil resource within large anticline ; Prior drills encountered 4 reservoirs with 80-100 feet gross oil column in the colorado formation)
later