The Maracas Concession is located in the Cesar Basin east of El Dificil producing gas field and southwest of the Guajira field. It comprises a proven gas field, collectively known, as the Maracas field.

The drilling program was initiated in March 1997 by Texican Oil Plc operator, and Georex SA partner. A 2D seismic survey in early 1998 detailed further infill locations and exploration prospects with targets in the Socuy, La Luna and Lagunitas formations.

The Maracas structures are over thrust and faulted blocks. Both reserves from the Upper Cretaceous Socuy (Campanian) and La Luna (Turonian) formations show good aquifer support and high recovery rates.

In addition of gas discovery, the Compae-1 well encountered and tested in the deeper Lagunitas carbonate formations a 300 feet oil column (34 API) at two distinct levels. A 2D seismic acquisition of 80 kilometers (1998) and associated geological studies suggest the presence of deeper prospects of the La Luna and Lagunitas formations.

The Board of Directors of the group validated on February 22, 2007 the participation of Georex's 5% in the Maracas gas production project in Columbia and decided, on the May 3, 2007, to propose to Texican Oil Plc, operator of the permit, to increase its participation to 20% and cover all incurred expenses at the new rate. Production from the Maracas field should start in 2008 with Texican Oil Plc. operator and partner Poros SAS. This involvement will require solid financial capacities for Poros.