Petrodorado Energy Higher after Farming Out Talora Block in Columbia
Petrodorado Energy Ltd. (PDQ.V) is set to close up nearly 12% this afternoon after announcing a deal farming out a portion of its working interest in the Talora Block in Columbia.
Sintana Energy, the South American arm of Drift Lake Resource Inc (DLA.V) will make a $5.2 million entry payment to Petrodorado for a 30% stake in the project. Sintana also agreed to pay 60% of the costs for one exploration well and 45% of the costs for a second well, subject to a $6.5 million cap.
Petrodorado remains the operator of the Block with a 65% stake. Drift Lake shares are up 10% today at 37.5 cents each.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
Latest Markets Videos
- The $12 Trillion "Once-in-a-Lifetime" Market Opportunity Investors Won't Want to Miss
- J.P. Morgan Says These 3 Stocks Could Surge Over 100% From Current Levels
- Forget Tesla's Battery Day, These EV Stories Are More Important
- ChargePoint, Switchback Energy Acquisition Enter Business Combination Agreement