Within the framework of the Condor project LUKOIL Overseas commenced the work of the well pad infrastructure construction to start the drilling of six producing wells in theMedina field (Boyaca state, Colombia).

At the same time the maintenance support of the access road was resumed. In accordance with the field development plan the drilling of two wells will start in August 2008 and the drilling of the next four wells is planned for 2009. A preliminary scheme of oil gathering and transportation has been developed, construction designs of the new access road and necessary production facilities have been prepared. 

The Medina field with commercial oil reserves was discovered at the beginning of 2007 on the basis of the results of drilling the Condor-1 deep exploration well.

LUKOIL Overseas (70%) and Ecopetrol National Oil Company (30%) carry out the Condor project. The agreement on the project was signed on April 7, 2002. The agreement covers exploration operations in the Condor block over the period of six years and field development over 22 years in case of a commercial discovery. The Condor block covers 3089 square kilometers and is located in the Eastern Cordillera foothills within the Llanos oil and gas basin and is one of the largest exploration blocks in Colombia. LUKOIL Overseas Colombia Ltd. is the project operator, with its office in Bogota, capital of Colombia.