In February 2012, Canacol announced participation in a joint venture company established by Tecpetrol (Operator), Schlumberger, and Sertecpet. The joint venture company was awarded a 15-year incremental production contract by the national oil company of Ecuador for the Libertador and Atacapi mature fields in Northern Ecuador. The Corporation has a non-operated 25% equity participation in the contract.
|Libertador and Atacapi mature oil fields|
|Location||Northern Ecuador ~ 175 kilometers northeast of capital city of Ecuador (Quito)|
|Gross / net acres||60,170 / 15,043|
|Cumulative production||399 million barrels(1)|
|2P reserves plus deemed volumes||5 million barrels|
|Insensitive to oil prices||JV receives fixed price tariff of US $38.54 per barrel above the negotiated base curve and the State pays all operating expenses.|
(1) DeGolyer and MacNaugton reserve report effective Dec '15