Canada’s Canacol Energy Ltd said it has started heavy oil exploration drilling on its Tamarin and Cedrela exploration and production contracts in Colombia.
Canacol, which also has operations in Guyana and Brazil, is the operator of both the contracts which are located in the Caguan-Putumayo basin.
The contracts represent about 388,000 net acres, the oil production and exploration company said in a statement.
The company plans to drill five conventional exploration wells, the first to start in late third quarter and the last to end mid-year of 2012.
Canacol has interests in 10 exploration and production contracts in Colombia and plans to spend $121 million on various exploration and development projects in 2011, according to the company’s website.