Antilles Oil & Gas announced Wednesday that it has farmed-out 50 percent of its acreage in Block 105, onshore Peru, to Uruguayan oil and gas fund Union Group.
As part of the agreement, Union will fund 75 percent of the well scheduled to be drilled on the block in 2016, up to a cap of $3 million. This well is located around 6 miles west of the producing Pirin field.
Antilles Managing Director David Ormerod commented in a company statement:
“Antilles looks forward to drilling the exploration well of Block 105 in this productive trend we have identified in Peru and the further development of our exploration portfolio. Peru is an attractive investment environment where Antilles looks to understand and develop further exploration and development opportunities.
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