Sintana announces prospective resources for VMM-37 block

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Tuesday, November 20, 2012

Sintana Energy (SNN) has announced the results of an independent, NI 51-101 compliant report of conventional and unconventional prospective resources on its VMM-37 block in Colombia's Middle Magdalena basin.

For the conventional formation (Lisama) on the block, in which the company has a 100% interest, the report indicates a P50 best estimate of unrisked prospective recoverable resources of 51Mb.

As to the unconventional zones of interest, the report shows a P50 best estimate of unrisked prospective recoverable resources of 700Mb.

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The P50 best estimate before royalties for the company's 30% interest in the unconventional formations is a prospective recoverable resource of 210Mb.

Sintana has already entered into a farm-out agreement with US oil major ExxonMobil (NYSE: XOM) for the exploration and development of unconventional oil and gas resources in the Middle Magdalena basin. ExxonMobil will acquire a 70% participation interest and operatorship in the formations defined as unconventional.

The report on the 43,000-acre (17,402-ha) block was prepared by Petrotech Engineering.