On 17 July 2018, Parex Resources said it may trim its Colombian E&P portfolio with the Southern Casanare (SoCa) LLA-32, LLA-34 and Cabrestero blocks ear-marked for possible divestment. The move is part of an initiative to reposition itself as an "exploration driven, industry leading, high growth Colombia focused junior oil company." The SoCa asset package encompasses three contiguous blocks in the Llanos Basin that will be offered in a separate wholly-owned subsidiary, according to the company. Parex unveiled the divestment option after its board of directors determined that it is "timely, prudent and in the best interests of the company to initiate a formal process to explore, review and evaluate strategic repositioning alternatives with a view to enhancing shareholder value." While Parex indicated that the assets are perfect for a corporate buyer, it is keeping its options open for "other strategic actions that would result in the creation of additional value for shareholders." In the meantime, Parex said operations in the fields are ongoing. Parex holds 100% in the Cabrestero Block. That's where Parex in April spudded the Totoro-2 appraisal well on with the "Petrex 5857" rig. This is the first of three appraisal wells to be drilled to delimit the Q1 2018 Totoro discovery. The Totoro-1 NFW discovered oil in the Guadalupe Formation. Meanwhile, in the Parex-operated LLA-32, the company holds 87.5%. On 21 December 2017, GeoPark announced that it has signed an agreement with the operator of LLA-32, Parex, to fund the drilling of the Zamuro exploration prospect in the north of the Llanos Basin block in the second half of 2018. GeoPark Colombia (GeoPark 80% & LG 20%) already holds 12.5% non-operated working interest (WI) in the block and will increase its economic interest in the Zamuro field area to 56.25% in the event of a commercial discovery. As for LLA-34 Block, GeoPark Colombia is operator there. Parex holds 55% WI in the Llanos Basin acreage. GeoPark Colombia is planning an active drilling programme in the block. Plans include the Chiricoca-2 appraisal well as a follow up to the Chiricoca-1 discovery made in early 2017 on the northern boundary of the block. The SoCa trio produced (in Q2 2018) 38,510 boe/d, or about 9% of the company's total haul for Colombia. <P /> <P /><P />
On 17 July 2018, Parex Resources said it may trim its Colombian E&P portfolio with the Southern Casanare (SoCa) LLA-32, LLA-34 and Cabrestero blocks ear-marked for possible divestment. 