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Parex spuds Llanos Basin wells onshore Colombia

07th November 2014

Parex Resources has commenced drilling operations on two of its exploration properties in the Llanos Basin of Colombia

Parex spuds Llanos Basin wells onshore Colombia

The Zampoña-1 exploration well was spud on October 28, 2014 and is targeting Mirador, Gacheta and Une formations on the next fault trend to the east of the currently producing Las Maracas Field.

The well is expected reach a total depth of approximately 12,700 feet (measured depth). Zampoña-1 is situated on the Los Ocarros Block where Parex is the operator with a 50 per cent stake (Petroamerica holds the remaining 50 per cent working interest).

The Langur-1x exploration well was spud on November 4, 2014 and is targeting Mirador, Gacheta and Une formations in a highly prospective low-side fault closure. The well is expected reach a total depth of approximately 13,800 feet (measured depth).

The Langur-1x well is situated in the Llanos-19 block.

Results for both of these wells are expected before year-end.

Additionally, block partner Petroamerica has announced that it has reached an agreement with Petromont Colombia S.A. Sucursal Colombia to acquire an additional 5.5 per cent working interest from Petromont on the Llanos-10 Block for a total consideration of USD 850,000.  Under this agreement Petroamerica, along with Parex Resources Colombia, the other partner on the block, will each assume an equal share of Petromont's 11 per cent WI and Parex will assume operatorship of the block.

With the completion of this agreement, Petroamerica and Parex now each hold a 50 per cent WI in the Llanos-10 Block, subject to ANH approval.

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