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Economy

PetroNova finds oil at Colombia’s Llanos basin, shares rise

by Adriaan Alsema February 1, 2012

Colombia Petronova

PetroNova Inc said it has found oil at a well in Colombia’s Llanos basin and it plans to drill two more in the block, sending its shares up as much as 13% in early morning trade.

Colombia, which has some of the largest oil and gas deposits in Latin America, has introduced a series of regulatory reforms that includes allowing foreign companies to fully own oil and gas ventures.

PetroNova has a 20% working interest in the CPO-06 block, where the Puerto Gaitan 1 well is located, according to the company’s website. The block is in a heavy crude oil area.

The company, which explores oil and natural gas resources in South America, said it had drilled to a depth of 6,400 feet without incident.

Shares of PetroNova, whose assets cover more than 1.8 million acres of underdeveloped land, were trading up about 10 percent at C$1.14 on Wednesday on the Toronto Venture Exchange.

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Colombia News | Colombia Reports
  • News
    • General
    • Analysis
    • War and peace
    • Elections
    • Economy
    • Culture
    • Sports
    • Science and Tech
  • Travel
    • General
    • Bogota
    • Medellin
    • Cali
    • Cartagena
    • Antioquia
    • Caribbean
    • Pacific
    • Coffee region
    • Amazon
    • Southwest Colombia
    • Northeast Colombia
    • Central Colombia
  • Data
    • Economy
    • Crime and security
    • War and peace
    • Development
    • Cities
    • Regions
    • Provinces
  • Profiles
    • Organized crime
    • Politics
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    • Economy
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  • Lite
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