| The Promotional Evaluation Agreement (PEA) between Perupetro and Lunn Upstream Consultants for the 4724 km2 Area XII, was signed on 7th December 2004 in Lima.
The area to the north of Area XII will see considerable activity in 2005. In Block 67 Barrett plan to drill an appraisal well on the Piraña discovery with a view to developing the Piraña, Dorado and Paiche discoveries. In Block 39 Repsol will spud Buena Vista-1 in February 2005, on a structure along strike from Piraña.
Perupetro General Manager Jose Chavez & LUC Director Simon Lunn
LUC Director Simon Lunn commented “We are extremely excited by the exploration potential of Area XII. By a quirk of history this part of the Marañon Basin has remained largely unexplored. Using our extensive knowledge and experience of Peru we have developed a variation on the proven play in the Marañon Basin which has the potential to yield several multi hundred million barrel discoveries. LUC will carry out an extensive technical evaluation of Area XII using the existing database as well as newly acquired remotely sensed datasets. The block is close to existing infrastructure, there is plenty of ullage in the Trans Andean Pipeline and recent changes to the Fiscal Terms in Peru mean that the economics are very attractive”.
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