Canadian oil company Petrominerales on Wednesday said it had found oil in central Colombia.
The company which has 15 exploration blocks in the Deep Llanos and Putumayo basins in Colombia and five more in Peru, discovered the oil in the Llanos, an extensive grassland in the center of the country which stretches eastward from the Andes.
The Mambo-1 exploration well where the oil was discovered was drilled to a total depth of 11,875 feet. Three more wells will be drilled in the area to explore further possibilities
The Canadian company’s average production for August was 8% lower than July at 25,235 barrels per day. This reduction was mainly to do with two oilfields being shut-in and one well being offline for a number of days, the company reported that these were due to “community disruptions.”
Petrominerales shares closed at $9.81 on Tuesday and had fallen slightly by Wednesday before the close of the Toronto stock exchange.