SAN SEBASTIAN — Following Sundance player “Dog Eat Dog” and “Todos tus muertos,” Colombian director Carlos Moreno and producer Diego F. Ramirez are re-teaming on a third collaboration, “Yellow Submarine.”

“Submarine” — a working title — is set up at Ramirez’s Bogota-based 64ª Films, in which Moreno is a minority partner.

The pic slots into an exclusive first-look deal for Ramirez to produce films originated by Moreno.

In line with Moreno’s hallmark combo of social focus and dark or absurdist humor, “Submarine” is based on a hard-to-believe but true life narco traffic trend, turning on two fishermen who build a flimsy amateur submarine, aiming to smuggle cocaine from Colombia to Central America.

Ramirez dubs “Submarine” a drama thriller. Moreno is currently writing the screenplay with Alonso Torres, his co-scribe on “Dog” and “Muertos.”

Pic is Moreno’s follow up to his “Reservoir Dogs”-ish deb “Dog Eat Dog,” which was picked up for international by Celluloid Dreams and created buzz at Sundance in 2008. An absurdist social drama, “Muertos” screened in rough cut Wednesday to an upbeat reception at San Sebastian’s Films in Progress sidebar.

Ramirez said he now aims to complete post-production and roll off selection by a major festival to snag a sales agent’s deal.

Next film to shoot at 64ª Films will be “180 Segundos,” the feature film debut of Colombian short film and docu filmmaker Alexander Giraldo, a “low-budget humor-laced romantic thriller,” according to Ramirez. “Segundos” rolls in November.

Giraldo has a second movie set up at 64ª Films, “Delete,” a sci-fi thriller which is already sparking buzz because of its cost and “Matrix”-ish themed plot-line.

Colombian films are able to draw down tax-credit finance for films up to 41% of budgets, for pics of $1.5 million or less.

Skedded to shoot early 2012, “Delete” is budgeted at $2.5 million, and will have to be structured as an international co-production in order to get made, Ramirez said.