The reprocessing began in late March and includes 1,800km of seismic shot by US oil company Texaco in 1978 and 817km by US oil company Phillips in 1994.
"Chaco believes modern seismic recording and processing techniques will enable the company to understand the structural development of the area better than previous operators," the report said.
So far the block has exhibited either gas or oil shows in poor reservoirs "or good potential reservoirs which have not yet received a hydrocarbons charge," according to the report.
The company will review the results of the seismic reprocessing and decide whether to drill or proceed with a farm-out campaign to bring in a partner.
The block has three wells, Toro 1, Gato 1 and Pantera 1. Toro 1 and Gato 1 were both drilled by Texaco and showed hydrocarbons but tested unsuccessfully. Pantera 1 was drilled by Phillips, which discovered good reservoir potential but no hydrocarbons showings.
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