Canadian oil corporation Canacol reported successful oil find in the Rancho Hermoso field is located in the Llanos Basin, a major tropical grassland that borders with Venezuela.
According to the latest report, the oil company has completed four production tests on the recently drilled well, Rancho Hermoso 10.
Canacol previously tested a combined rate of 19,066 barrels of oil per day in the Ubaque and Guadalupe reservoirs.
The recently drilled well found 110 feet of net oil in five different reservoirs.
Charlie Gamba, president and CEO of Canacol, said “The corporation will use the results of the production test to formulate a development plan for this new productive reservoir interval in order to increase production and reserves capture from the field.”