Sintana Energy to acquire stake in Colombian oil block

Sintana Energy, a subsidiary of Drift Lake Resources, has entered an agreement with Petrodorado Energy to farm-in for an undivided 30% interest in the Talora block, which is located in Magdalena Basin, Colombia.

The 438km² Talora block consists of the Middle Magdalena oilfields to the north and the Upper Magdalena oilfields to the south, and both contain light and medium-gravity oil.

Nine wells have been drilled in the Talora Block and no well has yet reached the Cretaceous Caballos reservoir.

The transaction will provide Sintana with a near-term production and positive cash flow because of its close proximity to pipelines.