The rig was originally supposed to be on location in the Chicuaco Block in preparation for drilling the well next week.

But Baraka said its late arrival meant drilling would not start on Monza-1, which is targeting 2.5 million barrels of recoverable oil resource, until the new year.

Baraka is earning a 20% stake in the Chicuaco Block, of the Llanos Basin, from Omega Energy by paying $1.8 million towards the initial work program.

D

rilling is expected to take one month to complete.

If it makes a commercial find, the well will be immediately production tested and produce into temporary facilities until permanent ones are installed.

Several other prospects and leads have been identified in the block for possible future exploration drilling.

The Chicuaco block is about 70km from the La Punta oil field, which Baraka farmed into in October, as well as several other producing oil fields including the prolific Rubiales project.