We have rights over 31 blocks in Colombia and 3 in Peru. We acquired rights over eight new blocks in 2008: six in the Colombia Round 2008 and two in the Heavy Oil Development Round. In 2008, we conducted exploration activities in most of the 34 blocks, having a success rate of 75% in nine of twelve wells drilled.
In two of the bidding rounds offered by the ANH in 2008, the company was awarded eight new exploration blocks: CPE-1, CPE-6, CPO-1, CPO-12, CPO-14 in the Llanos Basin; SSJN-3 and SSJN-7 in the Lower Magdalena Valley Basin, and CR-1 in the Cesar Rancheria Basin. In addition, eight more blocks entered our asset portfolio after the company acquired Kappa Energy Holdings: Abanico, Alhucema, Las Quinchas, Buganviles, Guásimo and Chipalo in the Middle Magdalena Valley Basin; Cicuco in the Lower Magdalena Valley Basin; and Arrendajo in the Llanos Basin. Two more blocks came into the portfolio through farm-in agreements signed with Ecopetrol and Alange, Corp.: the Alicante (Western Llanos Basin) and Topoyaco (Putumayo Basin) Blocks, respectively.
Exploratory Wells
As a result of this activity, the total certified and proved and producing new additional reserves net to the company reached 14.81 mmboe and the total certified probable new additional reserves net to the company reached 9.39 mmboe for a total proved plus probable (2P) new additional certified reserves of 24.2 mmboe.
Exploration Indexes
Total exploration expenditures during 2008 were approximately US$73.0 million. Taking into account the addition to the company's 2P reserves of 24.23 million boe, the company's discovery cost was approximately US$3/boe. The company's net production during 2008 was 7.5 million boe-5.5 million bbl of liquid hydrocarbons and approximately 2 million boe from natural gas at La Creciente. Since the reserves added as a result of exploration are 24.23 million boe, then the net reserve growth from exploration alone was 16.71 million boe and the Reserves Replacement Index can be estimated at 3.22 boe discovered per every boe produced. Also, the successful results at nine out of the twelve wells drilled in 2008 gives the company an Exploration Success Ratio for 2008 of 75%.