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Petrolifera Petroleum Limited secures drilling rig for upcoming Colombia and Peru drilling campaigns
CALGARY, Aug. 11 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) announced today it has signed ...
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 11 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)\nannounced today it has signed a letter of intent with Petrex S.A ("Petrex")\nwhereby Petrex has agreed to provide a heli-transportable drilling rig for a\n24 month period from commencement of well operations in Colombia with an\noption for a further 12 month period. The formal contract is currently being\nfinalized and rig mobilization is expected to begin shortly, with a view to\nbeing on location at the La Pinta prospect, situated within the Sierra Nevada\nI License in the Lower Magdalena Basin onshore Colombia, on or before\nSeptember 30, 2008. It is anticipated it will take 75 to 90 days to drill the\nLa Pinta well. Thereafter, Petrolifera plans to drill the Brillante prospect\non the same license.\n\n\nAfter completion of the initial two well drilling program in Colombia,\nPetrolifera anticipates it will mobilize the rig to Peru for the drilling of\nthe company's first Peruvian exploratory well, currently anticipated to be\ndrilled on Block 107 in the Ucayali Basin onshore Peru.\n\n\nPetrolifera Petroleum Limited is a Calgary-based crude and natural gas\nexploration and production company with significant operated interests in ten\nblocks in Argentina, Colombia and Peru in South America. These blocks cover\napproximately seven million acres. Current crude oil and natural gas\nproduction is derived from the Puesto Morales/Rinconada Concession in the\nNeuquen Basin onshore Argentina. The company's capital program for 2008 is\nanticipated to reach $108 million, with increased expenditures in Colombia and\nPeru compared to levels in 2007, as new exploration programs are presently\nunderway. Simultaneously, the company is maintaining an active capital\nexpenditure program in Argentina.\n\n\nForward-Looking Information\n\n\nThis press release contains forward-looking information, included but not\nlimited to future exploration and development opportunities, future drilling\nplans, spud dates, drilling times and anticipated capital expenditures.\nForward-looking information is not based on historical facts but rather on\nManagement's expectations regarding the company's future growth, results of\noperations, production, future capital and other expenditures (including the\namount, nature and sources of finding thereof), competitive advantages, pl...