Looking for the next big one
The Foothills area consists of the northern portion of Block 31 together with Block 25 and our two newest blocks, 15 and 59. Blocks 25 and 31 were acquired in the 2008 mini round and blocks 59 and 15 were acquired in June 2010. All of these blocks provide high impact exploration potential, and are on trend with or in close proximity to large, proven oil fields.
We plan to drill two wells, targeting two different prospects, on Block 25 later in 2011. These prospects are located on trend southwest from the largest oil and gas field in Colombia, the Cusiana-Cupiagua complex. The prospectivity of this trend has been demonstrated by other operators with the recent Huron discovery northeast of Cusiana-Cupiagua and the Canaguro discovery adjacent to Block 25. In addition, we are planning to acquire an additional 240 km2 of 3D seismic on Block 31 to help define the prospectivity of a large overthrust feature identified off 2D seismic.
Block 59 covers 131,286 acres and is located north of the Chichimena, Apiay and Castilla oil fields that have proven heavy oil reserves of roughly 800 million barrels. Block 59 is also on trend with our Corcel and Guatiquia blocks to the southwest. We plan to begin our exploration on the Block with the acquisition of 303 km2 of 3D seismic in 2011.
On Block 15, located northeast of the Cusiana complex, we plan to acquire 101 km2 of 3D seismic and drill at least one exploration well.
