- Sintana Energy has updated the status of a bid by its partner, ExxonMobil Exploration Colombia, to conduct research on Block VMM-37 in Columbia
- Colombia’s National Hydrocarbons Agency has accepted ExxonMobil's bid and awarded the company a CEPI contract to research unconventional features found at the project
- Sintana is a Canada based company that produces and distributes petroleum products
- Sintana Energy (SEI) is up 15.00 per cent and is currently trading at $0.23 per share
Sintana Energy has updated the status of a bid by ExxonMobil Exploration Colombia to conduct research on Block VMM-37 in Columbia.
Sintana, through its subsidiary Patriot Energy Sucursal Columbia, owns a 30 percent interest in Block VMM-37, which is also known as Project Platero.
ExxonMobil holds the remaining 70 per cent interest.
Colombia’s National Hydrocarbons Agency (ANH) has accepted ExxonMobil's bid and awarded the company a CEPI contract.
Sintana and ExxonMobil plan to research the unconventional formations found at Project Platero based on an Exploration and Production Contract for Block VMM-37 that Sintana signed with the ANH in 2011.
Sintana continues to be in positive communications with both ExxonMobil and the ANH to ensure that both the company’s commercial arrangements with ExxonMobil and the contract with the ANH are honoured.
In 2015, the companies drilled the A3 Manatí Blanco well into the source rock of Block VMM-37.
The well's testing was suspended while waiting for approval of an environmental permit, and the CEPI contract should now allow for the testing and production of source rock hydrocarbons in future operations.
Sintana is engaged in hydrocarbons exploration and development activities in Colombia’s Magdalena Basin.
The company's exploration strategy is to acquire, explore, develop and produce superior quality assets with significant reserve potential.
Sintana Energy (SEI) is up 15.00 per cent and is trading at $0.23 per share as of 9:43 am ET.