C&C Energia to Acquire Colombian Oil and Gas Assets

C&C Energia has signed a purchase and sale agreement with Ramshorn International to acquire Ramshorn’s oil and gas properties in Colombia for $89m.

C&C will acquire a 70% operated interest in the 354km² Cachicamo E&P block and a 50% non-operated interest in the Pajaro Pinto exploration block, covering 243km² in the Central Llanos Basin.

The Cachicamo block produces about 1,400bpd of light oil and is expected to increase to an average of 1,860bpd for 2011.

The Pajaro Pinto exploration block is located 50km south-west of the Cachicamo acreage.

A recent 3D seismic survey conducted by C&C on Pajaro Pinto has identified five exploration prospects. The firm plans to drill at least two prospects this year with the first well to spud in the second quarter of 2011.