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Vinccler receives refund of $7.39 million for its gas block bid bond
Petroleumworld
CARACAS
Petroleumworld.com 04 27 06
Vinccler Oil and Gas, received a full refund of the $7.39 million bid bond it paid to the Venezuelan energy a ministry for an exploration license on the Castilletes Noreste 2 block, according to Vinccler CFO Clancy Cottman.The Castilletes Noreste 2 block was one of three offshore blocks awarded to Vinccler in the Rafael Urdaneta phase B offshore lease sale in the Gulf of Venezuela last November. However, due current negotiations between the venezuelan and colombian government on a pipeline between Puerto Ballenas in Colombia and Paraguana in venezuela,the Venezuelan government postponed exploration activities on the block.
However, when Castilletes Noreste 2 block becomes available Vinccler has the the first option to get the block.
Cottman said, "The agreement says that when the block becomes available, we have the first option at a price equivalent to what we paid plus interest for inflation."
Cottman added, "We think it's very prospective."
Vinccler is partners with state oil firm PDVSA in two blocks. The joint venture currently produces some 1,400 b/d of light crude and 6 MMcf of natural gas that are sold to PDVSA at a rate of $1.33/Mcf.
Vinccler hopes to triple production of both crude and gas by the end of 2006.
Vinncler is the Venezuelan unit of Canadian oil company PetroFalcon.
Petroleumworld 04 27 06
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