Loon Energy to Enter Negotiations for Peruvian Exploration Block

During April, Loon Energy bid to acquire the right to explore Block B-04 in Peru. On April 24th the results of Bid Classification round memorandum No PRYP-GFPR-061-2006, were announced by Petroperu and Loon was awarded 'Classification', the effect of which is to grant Loon the exclusive right to negotiate an Exploration License Contract for Block B-04 in north central Peru.

The 2.4 million acre Block B-04 is located in the Maranon Basin in the northern part of Peru. The Maranon basin is a proven oil basin which holds discoveries containing over 400 MMBO of proven reserves. There are several nearby oilfields that are on trend with Block B-04 and existing data indicate the development of similar structures in Block B-04.

Loon will now enter into negotiations with Petroperu in order to finalize the details of the Block B-04 Exploration License Contract.

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