Canacol Energy, which has headquarters in Canada, announced it encountered a 133-foot-thick zone of oil while drilling its Leono-1 exploration well. It is the company's second discovery in the area since late 2012.
"Leono-1 is a significant success for the corporation, our second in a row," Chief Executive Officer Charle Gamba said in a statement Monday.
Canacol said it will develop plans to bring Leono-1 into full-scale production once it gets the Colombian government's approval, which Canacol expects yet this year. Four appraisal wells are planned for the area to assess the full resource potential.
Colombia's central provinces are key oil production areas, giving up mostly heavy crude oil. The U.S. Energy Information Administration, the analytical arm of the Energy Department, said Colombia had about 2 billion barrels of proven crude oil reserves as of last year.
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