Oil company Petrominerales announced Monday that it is preparing to make 103.7 million shares available on the Colombian stock exchange this August.
The Canadian company said that it will drill new oil wells and explore more of the nearly 2 million acres it currently has access to. Petrominerales CEO Jack Scott said that he expects the company to drill 37 new wells and develop 22 more.
Petrominerales currently has 15 oil contracts in Colombia, the majority of them in the eastern plains as well as two in the Putamayo and Huila departments. In four years the company has increased its Colombian oil production from 2,500 to 40,000 barrels of oil a day. The company has paid $160 million in royalties since its arrival in Colombia.
Scott said that Petrominerales has invested $3 billion in Colombia and has explored 15% of the area available to it.
The CEO also said that he was working with Colombian communities to provide them with sustainable economic opportunities for when the company leaves. Petrominerales currently has contracts in Peru but has yet to drill production wells.