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

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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