The Perth-based company will earn a 20% stake in the “highly prospective” Chicuaco block, of the Llanos Basin, from Omega Energy by paying $1.8 million towards the initial work program.

“This acquisition will give the company the opportunity to explore in an area surrounded by oil production and in a block with several highly prospective independent exploration targets,” Baraka managing director Mark Fenton said.

“This opportunity fits Baraka’s objective of targeting near-field exploration opportunities in producing areas and is a further step in the board’s plan to rebalance the company’s exploration and production portfolio.”

The Chicuaco block is about 70km from the La Punta oil field, which Baraka farmed into in October, as well as several other producing oil fields including the prolific Rubiales project.

Baraka said its operator was preparing to drill the Monza-1 exploration well in the Chicuaco block.

Due to spud on December 20, Monza-1 will target several intra-Carbonera and Guadalupe reservoir objectives in a simple fault-dependent structure identified by 3D seismic.

The Monza prospect is estimated to contain, on a no risk basis, 2-5 million barrels of recoverable oil resource.

Drilling is expected to take one month to complete.

If it makes a commercial find, the well will be immediately production tested and produce into temporary facilities until permanent ones are installed.

Several other prospects and leads have been identified in the block for possible future exploration drilling.