Gulfsands Petroleum continues to farm-out its 100% equity in the northern Llanos Basin LLA-50 Block, according to industry sources in December 2018. The company is actively seeking to exit its Colombian commitments and has been known to be looking to farm-out or fully divest its interests in Colombia since at least March 2015, considering them non-core to its forward strategy. Gulfsands won LLA-50 and its Putumayo Basin PUT-14 Block in the Colombia 2012 Bid Round, and holds 100% WI in both blocks. Gulfsands agreed in July 2018 to farm-out 100% in PUT-14 to Amerisur Resources, although this transaction is still awaiting ANH approval. In early June 2018, Gulfsands announced that hydrocarbons regulator the Agencia Nacional De Hidrocarburos (ANH) has agreed to suspend the LLA-50 licence to "allow time to determine [a] solution for environmental issues and restrictions identified with respect to the execution of the planned seismic programme". Under the current exploration phase for the LLA-50 Block, the minimum work obligation is the acquisition of 108km of 2D seismic data and the drilling of one exploration well. The combined gross cost of infill 2D seismic and one exploration well has been previously estimated to total US$ 15.3 million.
Colombia, LLA 50