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Petrodorado Energy Higher after Farming Out Talora Block in Columbia

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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.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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