Orito, Putumayo Basin
The Orito field is the largest oil field in the Putumayo Basin of southern Colombia, with original estimates of in excess of one billion barrels of oil originally in place. To date, the pool has produced over 230 million barrels. The field has extensive field infrastructure, good seismic control and connection to an export pipeline with a deep water port and loading facilities on the Pacific Coast. There are three main reservoir formations, the Pepino, Villeta and the largest and most significant, Caballos. We believe the field offers opportunities to increase reserves through infill drilling field extensions, well optimization and enhanced recovery methods.
During 2010, production averaged 2,825 bopd. In 2011, we are commencing an initial nine-well drilling program targeting new play concepts and lower risk development drilling. We also plan to acquire 50 km2 of new 3D seismic covering portions of both our Orito Block and our adjacent Las Aguilas exploration contract.
