Oil & Gas - Colombia - C&C eyes Putumayo expansion through tenders, M&A

By James Fowler?/?Business News Americas

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C&C Energ?a (TSX: CZE) is eyeing further growth opportunities in Colombia's Putumayo basin through participation in the Ronda Colombia 2012 tender and possible M&A, according to company business development VP Tyler Rimbey.

"We're not looking outside of Colombia; we are looking to extend our foothold in the country," the executive said in a presentation.

"We are looking to accumulate more acreage where we have a nice foothold already in the Putumayo basin, which gives us access to some bigger reserve potential. To do that we are going to participate in the 2012 Colombia bid round [and] we are always after different properties, acquisition or farm-ins."

Colombia's national hydrocarbons agency (ANH) will offer 109 different licenses in the round, at least 15 of which will be in the Cagu?n-Putumayo basin.

Rimbey also confirmed the company could look to increase its holdings in Colombia's transport network through further investments this year.

"We've got quite a big war chest to look at some organic growth, whether that's growing a bit through acquisitions, or doing something around some of the midstream business that will certainly grow up here in the next year or so."

Last year C&C purchased a 0.5% share in the first stage of the US$1.2bn, 125,000b/d OBC pipeline project.

C&C has set aside capex of US$150mn for 2012, with up to 19 wells planned. At least four wells will be drilled in Putumayo licenses Coati, Andaquies and Putumayo 8.

The company currently holds eight licenses in Colombia, with average production of 10,500b/d.

Also from Colombia, PetroMagdalena (TSX-V: PMD) announced that production operations on its Cubiro license in the Llanos basin returned to normal, following road blocks and community protests in the area.

And Suroco Energy (TSX-V: SRN) reported it abandoned the Lapa-1 exploration well on its San Antonio license. The company plans to drill the Cohembi-5 well on the Cohembi field this month.

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Source: http://www.bnamericas.com/news/oilandgas/c-c-eyes-putumayo-expansion-through-tenders-m-a

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