The company plans to invest US$1mn in the first year of production, which will include the drilling of several wells, Peruvian news agency Andina reported.
The contract will be signed on January 26, after which the company will begin a 4-5 month examination period, the spokesperson said.
The 7,000ha lot has been explored without success in the past by several companies, the last of which was local firm Graņa y Montero. However, Petrolera Monterrico is relying on modern technology to provide new geologic studies, the spokesperson said.
Petrolera Monterrico also holds production contracts in blocks 2 and 15 in northwestern Peru's Piura department.
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