09:02 AM EST, 12/11/2024 (MT Newswires) -- Parex Resources ( PARXF ) said Wednesday that the company and its partner Ecopetrol signed agreements allowing Parex to earn a 50% working interest in blocks located in Colombia.

Under the terms, Parex will acquire stakes in four blocks located in the Putumayo Basin to establish a new core area for the company, where over 350 million barrels of oil have been recovered to date.

Parex said it also extended its Llanos Foothills position through the addition of a top-ranked exploration target on the Farallones block.

"The agreements announced today align with Parex's strategy and add significant, lower-risk development & exploitation inventory, while consolidating our position in the Llanos Foothills trend where world-class exploration potential exists," said Imad Mohsen, Parex's president and CEO.

The company said its production averaged 44,700 barrels of oil equivalent per day (boe/d) in November, while noting that it expects to achieve its 2024 average production guidance of 49,000 to 50,000 boe/d.