Oil and Gas

Azabache Energy Inc. (TSXV:AZA) has amended the agreement with Petróleos del Mar S.A whereby Azabache will acquire a 50% interest in the Antares block in the Upper Magdalena Basin, Colombia.

Azabache Energy Inc. (TSXV:AZA) has amended the agreement with Petróleos del Mar S.A whereby Azabache will acquire a 50% interest in the Antares block in the Upper Magdalena Basin, Colombia.

As quoted in the press release:

The Company entered into this amendment for the following reasons:

  • Petromar has encountered delays in obtaining the necessary environmental permits to drill the two exploratory wells required under Phases 4 and 5 (unified) of the E&P Contract.
  • On September 20, 2011 Petromar and the ANH executed an amendment to the E&P Contract to suspend the current period of the Phases 4 and 5 (unified) which originally ended on September 25, 2011, until the environmental authorities have resolved the permits to drill the Lemaya and La Mona exploratory wells.

Click here to read the Azabache Energy Inc. (TSXV:AZA) press release

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