TSXV: PNO – Finance Colombia https://www.financecolombia.com Connecting Colombia to the global capital markets, analysts, economists, investors, and executives that matter Tue, 24 Dec 2019 00:33:14 +0000 en-US hourly 1 https://www.financecolombia.com/wp-content/uploads/2016/01/cropped-Favicon-32x32.png TSXV: PNO – Finance Colombia https://www.financecolombia.com 32 32 PentaNova Energy Subsidiary Granted Operatorship of Maria Conchita Gas Block in Colombia https://www.financecolombia.com/pentanova-energy-granted-operatorship-gas-property-colombia/ Tue, 06 Mar 2018 11:22:40 +0000 https://www.financecolombia.com/?p=14530 Colombian regulator, the National Hydrocarbon’s Agency (ANH), has assigned operatorship of the Maria Conchita gas block to MKMS Enerji Anonim Sirketi, a fully owned subsidiary of Canadian oil and gas company PentaNova Energy Corp. (TSXV: PNO).

READ MORE: PentaNova Appoints New President, CEO, Chairman in Sweeping Overhaul

The news came just days after the Vancouver-based firm, which has oil and gas holdings in Colombia and Argentina, spud a well, Istanbul-1, in the Maria Conchita block.

In a statement, PentaNova Energy said that it expects this well to reach its total depth in late March.

(Photo credit: Ken Doerr)

]]> PentaNova Energy Begins Drilling Gas Well in Maria Conchita Block in Colombia https://www.financecolombia.com/pentanova-energy-begins-drilling-gas-well-maria-cochita-block-colombia/ Fri, 02 Mar 2018 19:00:07 +0000 https://www.financecolombia.com/?p=14495 Canadian oil and gas company PentaNova Energy Corp. (TSXV: PNO) has commenced drilling its first gas well in the Maria Conchita block in Colombia.

Called Istanbul-1, the Canadian firm’s well was spud on February 27 and is targeting the Jimol formation at a true vertical depth (TVD) of around 8,000 feet. Reaching the full depth is expected to take up to 25 days.

PentaNova Energy has an 80% “beneficial working interest” in the Maria Conchita block, according to the company. Other notable wells nearby include Aruchara-1, drilled by Texaco in 1980, and Tinka-1, which was drilled by Ecopetrol in 1988.

“Colombia’s most significant source of natural gas production, the 6 TCF Chuchupa field, is located approximately 50 kilometers northwest of the company’s newly spudded well,” stated PentaNova Energy in a statement.

“The Chuchupa field, discovered in 1973, a strategic energy asset for Colombia, currently produces approximately 30% of the country’s daily output,” added PentaNova Energy, “although gas production has been in decline since 2002 creating a supply problem in the face of rising gas demand.”

(Photo credit: vaazdev / Pixabay)

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