Petroamerica Oil will acquire participating interests in four exploration blocks in the Llanos Basin of Colombia from Talisman Oil & Gas.
Petroamerica will pay $18m to Talisman and 50% of the cost of one well, to be drilled in 2011, to earn a 25% participating interest in one of the four blocks.
The firm will acquire Talisman's 50% participating interest in the Los Ocarros and El Sancy blocks and will assume that portion of the continuing work programme obligations for these blocks.
For the El Porton and El Eden blocks, Petroamerica will acquire a 25% participating interest and Talisman will retain 25% of its original 50% participating interest.
Petroamerica will also acquire an option to buy a 25% interest in the Chiriguaro-1 discovery in the El Eden Block.
The four exploration blocks occupy an area of 1,785km² and the firm plans to drill three wells on these blocks.