Americas > South America > Colombia > Petrodorado further whittles assets with new exit

Colombia: Petrodorado further whittles assets with new exit

2013/01/17

South America-focused Petrodorado Energy (TSX-V: PDQ) in July announced it divested its non-core Peruvian assets as part of a strategy to focus on high impact exploration blocks.

In the new development, the junior has withdrawn from the Pirity block in Paraguay, which leaves only Colombia in the company's investment portfolio.

The action was taken "due to recent political upheaval with Paraguay and other complications," Petrodorado said in its MD&A for the three and nine months ended September 30.

Petrodorado signed a non-binding LOI with a US firm in September 2009 where it had the opportunity to negotiate definitive agreements to fasten an undivided 60% working interest in a concession arrangement with Paraguay's government for the acreage. The block covers some two million acres (809,371ha) in the west of the country.

In Colombia, the company holds interests in blocks Buganviles, CPO-5, La Maye, Moriche, Tacacho and Talora. Planned work in the country includes testing the Dorados-1X exploration well in Talora and drilling two exploration wells in CPO-5.

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