Petrolifera preparing for new Turpial seismic program

- Monday, September 8, 2008

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Calgary-based Petrolifera Petroleum (TSX: PDP) is preparing to launch a new 3D seismic program on its Turpial block in Colombia's Middle Magdalena basin.

The company aims to acquire 120km2 of new data, Petrolifera said in a new investor presentation.

The seismic survey is due to begin in the fourth quarter, and drilling should follow in 2H09.

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Company officials announced last month they had successfully converted the technical evaluation agreement (TEA) for the block into a license agreement.

The Turpial block was originally owned and drilled by US oil company Texaco in the 1940s. The block was handed over by Texaco to Colombian state oil company Ecopetrol in 1996.

No current 3D seismic data for the area exists, according to the presentation.

The block is intersected by oil and natural gas pipelines, which Petrolifera says are under-utilized.

EXPLORATION PROGRAM

Petrolifera is planning to invest US$60mn on exploration in Colombia during the next two years. The company is increasingly looking to Colombia and Peru for new exploration activities, although all its current production comes from Argentina.

Petrolifera aims to begin its first drilling in Colombia in October on its Sierra Nevada license with a recently contracted rig.

The company will first drill La Pinta prospect and then move the rig to the Brillante prospect, Petrolifera CEO Richard Gusella said last month.

The rig will then be moved to Peru for drilling on block 107.

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