The Australian company has begun site surveys and field work at the onshore block.
The Colombia-focused geophysical services firm reported "a very difficult period" in the second quarter.
Local firm Chañares Herrados is to focus investment on CH block; participation stake of JV partner Phoenix Global resources still undecided.
Interested parties will need to commit to investing in secondary recovery techniques at two mature oilfields in La Pampa province.
Venezuela's NOC is ramping up the refinery's storage capacity by 1.2Mb.
The French major has said it plans to invest US$1bn/y in Brazil, where the company has been expanding its offshore presence.