South American-focused explorer Global Energy Development has landed a £3million boost after farming out its contract in Colombia.
The deal will see Quasha-wned Everest Hill taking a 50% working stake in the Bolivar contract.
Now work is set to get underway on the site, with is throught to contain more than 380million recoverable barrels of oil, within the next few weeks.
“The company is very keen to re-commence its activities in the Middle Magdalena Basin,” said Global managing director Stephen Voss.
“This agreement not only provides us with the funding for a three well progamme but it also allows us to share the risks as we jointly develop the company’s largest asset base.”