OVL operates an exploration block, CPO-5, in Colombia, in which it has 70 per cent participating interest.
The CPO-5 block is located in llanos basin of Colombia and is under first phase of exploration, with a commitment of drilling two exploratory wells.
The first of the two commitment wells, which is Kamal-1X, was spudded on October 29, 2012, and drilled up to the target depth of 10,500 feet.
In a press release, the company said that based on an analysis of drilling and other data, two objects were released for production testing within the primary target horizon of Mirador Formation. The first of the two objects, in the interval 9643-9649 feet, produced oil varying in rate from 120 barrels of oil per day (BOPD) to 300 BOPD.
In assessing the potential and commerciality of the oil find, extended production testing will be taken up in due course.
Meanwhile, the company is gearing up for digging up the second commitment well in the block this month itself. The results from the two wells will lead to increase in exploratory efforts in the block which has an inventory of exploration leads based on the studies made so far.