Feb 27 Canacol Energy Ltd said it
entered into an exploration and development deal with
ConocoPhillips for one of the Canadian oil and gas
producer's shale oilfield in Colombia.
ConocoPhillips will pay for the drilling, completing and
testing of about 13 wells to earn 70 percent of Canacol's 100
percent working interest in a section of the Santa Isabel
ConocoPhillips will also pay Canacol a bonus of $13.5
million in two tranches on the fulfillment of certain
conditions, Canacol said in a statement.
South America-focused Canacol will retain control of the
shallow tertiary section under the deal signed by the companies'