Gulfsands holds a 100% interest in one Exploration and Production Contract (“E&P contract”) in Colombia: the Llanos Block 50 (“LLA-50”) contract. The LLA-50 licence, which was suspended in 2018, remained in suspension during the year, by agreement with the Agencia Nacional De Hidrocarburos (“ANH”) as a result of environmental issues and restrictions which impact the ability to execute relevant exploration activities over the areas of interest.
Llanos Block 50
|Contract expiry date:||First exploration phase due to expire May 2018 – currently suspended with agreement of ANH.|
|Minimum work obligation:||Acquisition of an additional 160 km of 2D seismic data to be captured in a new survey; and drilling one exploration well.
Further details are provided in note 2.4 to the Consolidated Financial Statements.
The LLA-50 Block, which was awarded as part of the Ronda 2012 bid round, covers approximately 514 square kilometres, and is located towards the eastern margin of the Llanos Basin.