11:48 AM EST - C&C Energia Ltd. : announced that it was the lead bidder on a heavy oil block in the Colombia Exploration Bid round held on October 17, in Cartagena, Colombia. The Corporation had the leading bid for the right to explore for oil and natural gas on LLA-83, an approximately 35,755 acre heavy oil block in the Llanos Basin in central Colombia, approximately 50 kilometers from the Rubiales heavy oil field. The bid for the block was submitted by C&C Energia as the operator for a 100% participating interest and is subject to final approval by, and execution of an exploration and production contract with, the National Agency of Hydrocarbons in Colombia. The Corporation bid a 25% "x-factor", which equates to an incremental royalty on production from the block together with a total work commitment of $14 million U.S. for seismic and drilling. The Corporation has three years from the signing of the E&P contract to meet these investment commitments. C&C Energia Ltd.
shares T.CZE are trading down $0.01 at $6.39.
