Canacol spuds shale oil exploratory well in Colombia

Canacol Energy Ltd., Calgary, and ConocoPhillips have spudded the Oso Pardo-1 exploratory well to test the oil potential of the shallow conventional Tertiary Lisama sandstone reservoir and deeper naturally fractured shale and carbonate reservoirs in the Cretaceous La Luna and Simiti shales.

The drillsite is on the Santa Isabel exploration and production contract area in Colombia’s Middle Magdalena Valley 12 km west of the recently drilled Mono Arana-1 discovery on the adjacent VMM2 contract area in which Canacol has a 20% nonoperated working interest.

Canacol Energy will hold a 30% operated working interest in the deep Cretaceous section of Oso Pardo-1, and ConocoPhillips Colombia Ventures Ltd. has 70%. Canacol retains a 100% contractual interest in the shallow Tertiary section of the concession contract.

As previously disclosed, the Mono Arana 1 well encountered oil in both the Tertiary Lisama sandstone and naturally fractured La Luna shales.

Canacol has 253,000 net acres of the prospective shale oil trend across five E&P contracts in the Middle and Upper Magdalena Valley.

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