Canacol Energy Ltd. (TSX:CNE) reported that the rig scheduled to drill the Tamarin-1 exploration well is mobilizing.

The press release is quoted as saying:

The Tamarin-1 well is the first of three exploration wells that the Corporation plans to drill on its Tamarin and Cedrela contracts located in the Caguan-Putumayo Basin. Canacol is operator of and has 100% working interest in the Tamarin, Cedrela, and Sangretoro E&P contracts totaling 773,000 total net acres in this emerging heavy oil basin. Using the recently acquired 2D seismic over the blocks, the Corporation has mapped a total of 26 structural and stratigraphic prospects and leads with an estimated 1.2 billion barrels of total net unrisked recoverable resources on the three E&P contracts.

Canacol Energy’s President and CEO of the Corporation, Charle Gamba, commented

“The Tamarin-1 well will kick off the Corporation’s heavy oil exploration program aimed at unlocking significant value from our three E&P contracts in the Caguan-Putumayo Basin of Colombia. Although the program has experienced a start-up delay, in choosing to drill conventional exploration wells instead of stratigraphic wells, the Corporation will be able to not only drill the wells significantly faster, but also will be able to flow test any potential discovery.

Click here to access the entire press release