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Canacol holds a dominant land position within the relatively unexplored northern part of the Caguan-Putumayo basin.

The Caguan-Putumayo basin covers approximately 110,300 square kilometers and ultimately extends south to Colombia's border with both Ecuador and Peru.

Sharing a geological history with the Oriente and Maranon basins of Ecuador and Peru, respectively, the bulk of exploration to date has been focused on the southern part of the basin, where some 30 fields have been discovered.

By contrast, the Ombu block lies approximately 300 kilometers south of Bogota, within the relatively unexplored northern part of the basin.

The Capella heavy oil discovery within the Ombu block suggests that the Llanos heavy oil belt, already home to the Castilla and Rubiales heavy oil fields, may extend southwest into the northern part of the basin. To date, the Corporation and its partner have drilled 16 wells at Capella. The Corporation has been able to leverage its proprietary knowledge of the geology and potential of the area to apply to the Corporation’s Tamarin, Cedrela, and Sangretoro E&P contracts.

Approach

Canacol is operator of and has 100% working interest in the Sangretoro, Tamarin, and Cedrela E&P contracts totaling 773,070 total net acres in this emerging heavy oil basin. Using the recently acquired 2D seismic over the blocks, the Corporation has mapped a total of 26 structural and stratigraphic prospects and leads with an estimated 1.2 billion barrels of total net unrisked recoverable resources on the three E&P contracts. 

Sangretoro E&P Contract

Effective July 2009, Colombia's National Agency of Hydrocarbons (ANH) awarded Canacol with the Pacarana Technical Evaluation Area (TEA). In March 2011, the Corporation signed the Sangretoro E&P contract, which was previously part of the Pacarana Technical Evaluation Area. The Sangretoro E&P Contract is the most prospective part of the Pacarana TEA.

Canacol’s seismic program for Sangretoro includes a total of 300 kilometers of 2D seismic, of which 149 kilometers has been shot and interpreted as of September 2011. The Corporation has a 100% working interest and is operator of the Sangretoro contract, which represents 385,344 net acres and is located approximately 16 kilometers to the southeast of the Capella heavy oil field. The Corporation has mapped a total of 4 structural and stratigraphic leads with an estimated 586 million barrels of total net unrisked recoverable resources or 34 million barrels of total net risked recoverable resources on the Sangretoro E&P contract. 

Tamarin Exploration and Production Contract
Effective August 2009, the ANH awarded Canacol with the Tamarin Exploration and Production contract.

The Corporation has a 100% working interest and is operator of the Tamarin contract, which represents 68,000 net acres and is located on trend approximately 25 kilometers to the southwest of the Capella heavy oil field. In 2010 and 2011, Canacol shot and interpreted 114 kilometers of 2D seismic over the contract. The Corporation has mapped a total of 6 structural and stratigraphic leads with an estimated 92 million barrels of total net unrisked recoverable resources or 14 million barrels of total net risked recoverable resources on the Tamarin E&P contract.  

Cedrela Exploration and Production Contract
Effective May 2010, the ANH awarded Canacol with the Cedrela Exploration and Production contract.

The Corporation has a 100% working interest and is operator of the Cedrela contract, which represents 319,804 net acres and is located on trend approximately 50 kilometers to the southwest of the Capella heavy oil field. In 2011, Canacol shot and interpreted 254 kilometers of 2D seismic over the contract. The Corporation has mapped a total of 16 structural and stratigraphic prospects and leads with an estimated 537 million barrels of total net unrisked recoverable resources or 42 million barrels of total net risked recoverable resources on the Cedrela E&P contract.