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GPRK - Parex Resources: A Risk-Reward Reassessment After The New Oil Find In Colombia
Geopark Ltd
What
On June 10, 2019, Parex Resources Inc. (PXT.TSX)(OTCPK:PARXF) reported that it had struck crude oil in the Andina Norte-1 exploration well in the Capachos Block, Llanos Basin, Colombia.
Andina Norte-1 is located in the northern part of the Capachos Block, which Parex operates with a 50% working interest while state company Ecopetrol S.A (EC) holds the remaining stake (Fig. 1). The well was drilled to a total depth (known as TD to the oil patch) of 18,852' and encountered oil-bearing reservoirs in the Une and Guadalupe formations.