The Guama Block is an 87,465 hectare block located in the Lower Magdalena Valley Basin in the north of Colombia. Pacific Rubiales owns a 100% participating interest in this E&P Contract, which was executed by Pacific Stratus with the ANH on April 10, 2007.
Activities and Expenditures in 2007
The obligations for the first 18-month phase of the E&P contract (which must be completed by October 10 2008) included the reprocessing of 300 km of 2D seismic up to PSDM and the acquisition of 200 km of 2D seismic. During 2007, these commitments were satisfied by the acquisition of 255 km of 2D seismic (see map) and the reprocessing of an additional 300 km of 2D seismic. $3.5 million was expended on this phase.
Resources
The interpretation of the acquired seismic, in addition to the already existing and reprocessed seismic, allowed the identification of 4 exploration prospects at Guama (see map).
