Canacol Energy, in December 2019, said it will drill an unnamed exploration well in the Middle Magdalena Valley VMM-45 Block in the three-year Phase 1 period, after it secured the acreage in Colombia's latest round. No firm timeline was given. Canacol will also carry out geological studies on the block that it obtained in December 2019 at the Agencia Nacional de Hidrocarburos (ANH) Phase II of the Permanent Process of Assignment of Areas, or PPA. The company picked up two other blocks at the process: VIM-33 and VMM-49. Canacol said the company has the option to extend the exploratory work programme by a further three years (Phase 2) on each of the exploration contracts. Canacol is a leading gas player in the country, holding processing capacity of up to 330 MMcf/d.
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)