Credit: Shutterstock photoPetrodorado 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
