Frontera Energy Corporation (TSX: FEC) has announced that it was awarded the Llanos-99 block in Colombia following the successful Agencia Nacional de Hidrocarburos (ANH) bid round. This is the first new round of exploration licenses in Colombia in the past five years.
The Llanos-99 block includes 134,900 acres within the prolific Llanos basin in Colombia on trend with fields that produce medium to light crude oil from the C-5 and C-7 zones within the Carbonera formation. The company has preliminarily identified two prospective locations on the block with plans to start the environmental permitting process for the required 3D seismic program as soon as practicable with the goal of an exploration well to be drilled in 2021. Under the terms of the award of the block, Frontera is committed to undertaking a 61 km2 3D seismic survey and one exploration well.
Richard Herbert, Chief Executive Officer of Frontera commented: “We are pleased with the initial results of the ANH bid round and look forward to participating in the ongoing permanent process in Colombia where we expect to see two more bid rounds in 2019. The Llanos-99 block is a typical medium and light oil block in the Llanos basin, which is the core area of Frontera’s portfolio and where we have had a significant amount of exploration success in the past.”