It said rig mobilisation is underway to reenter and test the Bukhara oil discovery and the Arce Oil Field in the Las Quinchas.

The Bukhara Oil Field contains estimated recoverable reserves of 70 million barrels of which Black Rock said it would be entitled to 50% before government participation elections. The discovery well intersected a 146 foot oil column in the Esmeraldas reservoir at a depth of 6,700 feet.

Black Rock’s managing director Ivan Burgess said it was intending to drill the Arce-3 well, in the Arce Oil Field which it said contains estimated mean reserves of 5 million barrels recoverable of heavy oil. and produces from the Mugrosa Formation at a depth of 2,700 feet. Initial testing of Arce-2 produced at rates up to 60 barrels of oil per day on unheated mechanical pump. Improved production rates between 5 and 10 times could be achieved with cyclic steam stimulation.

A major oil pipeline passes through the license to a refinery which requires the heavy oil.

The Middle Magdalena Basin is a prolific oil province and has produced over 2.2 billion barrels of oil. North east of the La Quinchas license, the De Mares License has produced over 1.2 billion barrels of oil. The Velasquez-Palugua Area to the south has produced over 450 million barrels of oil and the Opon Gas Field to the east is a 1.5 TCF gas discovery.