Canacol Energy, which in December 2019 secured a 100% working interest in the Lower Magdalena Valley Basin VIM-33 Block, will acquire 62 sq km of 3D seismic and drill one exploration well during Phase 1. The company also has the option to extend the exploratory work programme by an additional three years (Phase 2). Canacol acquired three new conventional natural gas exploration contracts at the Agencia Nacional de Hidrocarburos (ANH) Phase II of the Permanent Process of Assignment of Areas, or PPA in Colombia. The blocks are: VIM-33, VMM-45, and VMM-49. As of 20 November 2019, Canacol had increased processing capacity of up to 330 MMcf/d in Colombia, as part of its drive to meet growing demand for the fuel in the South American nation.
Canacol is the 1st to confirm the formal award of its rights under the latest ANH Proceso Permanente de AsignaciÃ³n de Ãreas (PPAA) Ciclo 2. Sole rights have been bagged for VIM 33 (629 sq km) in the Lower Mag B, VMM 45 (503 sq km) in the Middle Magdal B, and VMM 49 (600 sq km) in the Middle Magdal.B)