Platino Energy (TSX: V.PZE, Stock Forum) Friday said it has spud its first exploration well on the Coati Block in the Southern Putumayo Basin of Colombia, this according to a company news release.
The company added that the planned total depth of the well is approximately 10,500 feet with the primary target being the Caballos Formation with secondary targets in the shallower Villeta sandstones.
Results from the well will be released in the third quarter of this year.
Platino currently holds a 100% working interest in the Coati Block with its interest reducing to 80% once its partner, Canacol Energy, earns a 20% interest pursuant to an amended farm-in agreement announced in May 2013.