COLOMBIA : MARANTA E&P CONTRACT

The first phase of the exploration period is 18 months and the minimum work programme comprises the acquisition of 30 square kilometres of new 2D seismic data and the re-processing of 40 square kilometres of exisiting 2D seismic data. If Emerald elects to enter the second phase, the minimum work programme includes the drilling of 1 well to an estimated depth of some 11,000 ft.

The block is adjacent to nearby producing oil fields and close to recent discoveries that have tested oil up to 4,000 barrels per day. Emerald identified a number of prospects and leads from the existing seismic data, each with an unrisked prospective resource potential estimated to be between 5 and 15 million barrels.  A 2D seismic programme has been acquired in 2007 with the aim of maturing these to a drill-ready status.

The Umbria #1 well was drilled in the Maranta block in 1967 and encountered oil in the Villeta formation.  There may also be potential to re-enter this well to further test the formation productivity.

The Maranta Contract has been awarded by the ANH, the National Hydrocarbon Agency of Colombia, and a copy of the model contract terms can be found on the ANH website (www.anh.gov.co).

Emerald Blocks in Colombia

Maranta Location Map