Baraka told the market yesterday that operator Petrotesting had contracted Compania Geofisica Latinoamericana (CGL) to do the 45-square kilometre survey.
Due for completion at the end of December, the survey is designed to further define the La Punta structure and provide a location for an appraisal well.
La Punta-2 will target oil up-dip from the producing La Punta-1 well in the Mirador Formation, as well as potential deeper exploration objectives.
In addition, the survey is aimed at confirming other identified exploration structures in the block.
Baraka managing director Mark Fenton said his company’s staff – with support from Australian consultants – would be “integral” in proposing the locations for both the La Punta-2 well in the first quarter of 2008 and developing future identified exploration targets.
Baraka’s total farm-in cost to the La Punta project was $10.5 million. Of this amount, $7 million will be spent on seismic, drilling and facility upgrade costs.
Its share of La Punta-1 and La Punta-2 oil resources have been estimated to be about 300,000 barrels, with a further 2.8 million barrels of exploration potential.
