VMM-18 is located in the Puli and Dindal-Rio Seco proven hydrocarbon trend of the VMM basin.
- Pipeline and road infrastructure in place, connects the block to nearby sales points
- Access to oilfield services and experienced operational staff in the area
Perspectivity for light and medium gravity oil is expected to result in robust project economics
- US$4.2 million of exploratory work has been completed, with only US$3.0 million pending
- High Netbacks due to Low lifting and transportation costs
- Attractive Breakeven of ~US$25.00/bbl Brent
Management has identified 3 promising prospects of which 2 are currently drill ready, a lead at Cardenal, and material upside from two new plays ◦ Hercules prospect: Puli type play, 4,000 ft TD ◦ Hercules North prospect: Puli type play, 4,000 ft TD ◦ Cigarra prospect: sub thrust play, 11,000 ft TD ◦ Cardenal lead: sub thrust play, 11,000 ft TD ◦ Material exploratory upside from 2 Cimarrona plays