Further to the announcement made on 29 December 2016 regarding the Participation Agreements (Acuerdos de Cuentas en Participación) executed with SLS Energy (“SLS”), and the drilling of four wells in the Altair and LLA-47 E&P contracts an update on the drilling program is provided below.
Changes to the original timetable have arisen due to adverse weather conditions and delays in obtaining the requisite permits.
— We now plan to commence drilling of the Altair well on 20 February with projected completion by 11 March.
— The drilling of first of the LLA-47 wells is now planned to commence on 12 March with projected completion by 3 April with the two remaining wells planned to complete by May.
In respect of the Altair licence, subject to ANH approval, the company has elected to, combine phases 1 and 2 of its commitments under the licence, which will require the drilling of 2 wells in total. The phase 2 period expires on 31 January 2019.
In respect of LLA47 our 9 month extension request until November 2017, under “Acuerdo 02” issued by the ANH on 16 March 2015, is still pending.