In early November, the Company received the environmental permit allowing the start of exploration drilling on the CPO-12 block to the north and contiguous to the CPE-6 Hamaca prospect, and the CPO-1 block in the central Llanos basin. The drilling of four planned exploration wells has commenced on the CPO-12 block, and an exploration well is planned to spud on block CPO-1 prior to year-end.


The Company expects to drill approximately 58 exploration wells (including stratigraphic and appraisal wells) during the current year 2012. This includes nine wells during the fourth quarter, with approximately four of these (wells on the Colombian CPO-1, SSJN-9 and Guama blocks, and the Brazil Karoon blocks) are expected to drill over year-end and complete their drilling operations in early 2013.