Burlington Signs E&P Contracts for Blocks 123, 124

Peru's hydrocarbons promotions agency Perupetro has signed two E&P contracts with the Peruvian subsidiary of US oil company Burlington Resources for blocks 123 and 124 in Loreto department's Maranon basin, Perupetro said in a statement.

Burlington will have seven years to explore the blocks with a possible three-year extension.

The company must drill three exploratory wells during the exploration phase and, if successful, could begin 30-year oil production or 40-year natural gas production.

Block 123 has a minimum US$55.5mn investment program, while block 124 requires at least US$53mn.

The new concessions bring the number of contracts signed by Perupetro in 2006 to 12.

Burlington already holds E&P contracts for blocks 57 and 39 and is operator of block 104.

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