Colombia

Petrominerales entered Colombia in 2002 with the acquisition of two low-risk, incremental production contracts. We were already operating in the country when the exploration land contracting regime changed in 2004, and we acquired our first exploration blocks in Colombia in 2005 while operating as Petrobank's Latin American Business Unit. Since then we have amassed an enviable exploration land base in Colombia. In Colombia, we apply a portfoloio-based approach to our exploration activities and have developed an extensive, diversified drilling inventory in four main focus areas:

> Deep Llanos
> Central Llanos
> Heavy Oil
> Development and enhanced recovery (Incremental Production Contracts)