Due to spud on Friday, the well will target stacked high quality fluvial sandstone reservoirs in the Carbonera and Guadalupe formations in a simple fault-dependent structure, mapped using recently acquired 3D seismic.
If successful Monza-1, which is targeting 2.5 million barrels of recoverable oil resource, will be immediately production-tested and will produce into temporary facilities until permanent facilities are installed.
Baraka, which has a 20% interest in the block, says the JV has decided to contract the rig to drill one firm and one contingent well following completion of the Monza-1 well.
The second well, Mugello-1, has similar targets to Monza-1 and is targeting 2-5 million barrels of unrisked recoverable resources.
The rig was originally supposed to arrive in the Chicuaco block to start drilling the Monza-1 well around Christmas time.
But delays at its most recent project have caused the joint venture to reschedule the spud date several times over the past couple of months.