More Drilling for Saba
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IRVINE — Saba Petroleum Co. said it has received approval from Ecopetrol, the Colombian governm ent-owned oil company, to drill additional wells on Colombian acreage that Saba acquired last year.
Saba said Omimex de Colombia Ltd., the operator, intends to drill up to six wells this year beginning in early October.
Ecopetrol said it has also asked Omimex to test the exploratory wells drilled previously by Texaco Inc., the prior owner, on a portion of the undeveloped acreage.
From the work done by Omimex and Texaco, Saba said it estimates that about 400 new wells will be required to exploit the additional reserves.
Saba, an independent oil and gas production company, has a 25% working interest in the fields.
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