On November 26, the bid deposit hearing for the second cycle of the PPAA was held. In this cycle, the ANH offered 59 areas, 27 of which were incorporated by the companies qualified to participate in the PPAA, for which 15 offers were submitted, with a success rate of 25.4%.
In this second cycle 10 companies submitted an offer for the following areas:
- LLA-100: Hocol S.A.;
- LLA-119: Frontera Energy Colombia Corp.;
- LLA-121: Ecopetrol S.A.;
- LLA-122: Temporary union between Ecopetrol S.A. and Parex Resources Ltd.;
- LLA-123: Temporary union between Hocol S.A. and Geopark Colombia S.A.S.;
- PUT-21: Gran Tierra Energy Colombia LLC.;
- PUT-33: Gran Tierra Energy Colombia LLC.;
- PUT-36: Amerisur Colombia Limited.;
- VIM -33: CNE Oil and Gas S.A.S.;
- VMM-45: CNE Oil and Gas S.A.S.;
- VMM - 46: Parex Resources Ltd.;
- VMM-49: CNE Oil and Gas S.A.S.;
- VSM-36: Parex Resources Ltd.;
- LLA-124: (i) Temporary union between Hocol S.A. and Geopark Colombia S.A.S., and (ii) Parex Resources Ltd.;
- SN-26: (i) Hocol S.A.; and (ii) La Luna Captiva Temporary Union between La Luna E&P S de RL and Captiva Resources, LLC.
On December 5, the ANH plans to carry out the counteroffer deposit hearing, through which all the companies qualified in the PPAA will have the opportunity to present counteroffers for the abovementioned areas.
Bear in mind that Companies’ counteroffers must offer a higher additional exploratory program and must contemplate an equal or higher additional production interest (X%) than the one offered by the initial proposal.
The ANH will analyze the counteroffers and will publish a preliminary list indicating the most favorable counteroffer for each block; the final list will be published on December 11. Likewise, on December 12, the initial proponents will have the opportunity to exercise its right to match or improve the best counteroffer.
Contracts for which no counteroffers were submitted will be signed as of December 11, and the contracts for which a counteroffer were submitted as of December 20.