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Canacol Energy Ltd's Canacol Energy Colombia S.A. And ConocoPhillips' ConocoPhillips Colombia Ventures Ltd Sign Agreement For Shale Oil Exploration Project

Wednesday, 27 Feb 2013 06:30am EST 

Canacol Energy Ltd announced that wholly owned subsidiary, Canacol Energy Colombia S.A. (CEC), has entered into a farm-out agreement (the FOA) with ConocoPhillips Colombia Ventures Ltd., a wholly owned subsidiary of ConocoPhillips Company for the exploration and potential development of the Corporation's operated Santa Isabel exploration and production (E&P) contract located in the Middle Magdalena basin of Colombia. Pursuant to the terms of the FOA, ConocoPhillips will carry the cost of the drilling, completing, and testing of up to 13 wells (presently expected to comprise 5 exploration and 8 appraisal wells), covering in full actual drilling, completion, and testing costs, to earn 70% of Canacol's 100% working interest in the deeper Cretaceous section. Canacol will retain 100% interest in the shallow Tertiary section. ConocoPhillips will also pay Canacol a bonus of USD13,500,000 in two separate tranches upon the fulfillment of certain conditions outlined in the FOA. Canacol will remain operator of Santa Isabel for the drilling, completion, and testing of up to the second exploration well. 

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