Spudded on Monday, the well is targeting 2.5 million barrels of recoverable oil resource and, if successful, will be immediately production tested and produced into temporary facilities until permanent ones are installed.

"This first well in Colombia is an exciting step in the company's planned exploration of opportunities within a prolific producing area," Baraka managing director Mark Fenton said.

"The well data will be valuable in assisting evaluation of other prospective independent structures in the block, and any commercial success would be quickly monetised."

Monza-1, which has a planned total depth of 1528m, will target stacked high-quality fluvial sandstone reservoirs in the Carbonera and Guadalupe formations in a simple fault-dependent structure, mapped using recently acquired 3D seismic.

Baraka, which has a 20% interest in the block, says the JV has decided to contract the rig to drill one firm and one contingent well following completion of the Monza-1 well.

The second well, Mugello-1, has similar targets to Monza-1 and is targeting 2-5 million barrels of unrisked recoverable resources.

The rig was originally supposed to arrive in the Chicuaco block to start drilling the Monza-1 well around Christmas time.

But delays at its most recent project have caused the joint venture to reschedule the spud date several times over the past couple of months.