Canacol Energy Ltd. (TSX:CNE) provided an update on its 2012 exploration programs in Colombia, commenting that its plans include targeting conventional light and heavy oil — along with non-conventional light oil — by drilling nine exploration wells.
Charle Gamba, Canacol’s president and CEO, commented:
The Corporation is engaged in significant exploratory activity on a number of fronts in Colombia for the remainder of the year. The early results from our 6 well stratigraphic test program in the Caguan-Putumayo Basin are very encouraging, revealing the presence of a functioning heavy oil system on our new Portofino contract via the recently drilled Achote 1 well. The Corporation is also pleased to announce the spud of the Mono Arana well on the VMM2 contract by the ExxonMobil consortium, which will test both a Tertiary conventional sandstone target and more importantly a non-conventional Cretaceous fractured shale target. Finally, the Corporation will also be drilling a light oil prospect, Labrador, located north of our Rancho Hermoso field on the LLA23 contract.