The two companies have been in exclusive negotiations with PeruPetro to convert Gold Oil's previous Promotional License into a full Exploration and Exploitation Contract, with Plectrum taking a 50 percent interest. PeruPetro approved the 30 year contract on 5 December 2006. Final formal approval from Peru's Minister of Energy and Mines is expected to follow in the New Year.
Plectrum announced that it had agreed to form a joint venture with Gold Oil in respect of Block Z-34 on 8 June.
Mike Whyatt, Plectrum's Executive Chairman, said:
"We are delighted to have received approval from Perupetro. Final approval from the Minister of Energy and Mines in the New Year will allow us to embark on our initial work program of acquiring a modern 2D seismic grid and electro-magnetic studies.
Block Z-34 is adjacent to existing shallow water production concessions in the Talara Basin, however exploration in the block to date has been minimal. Block Z-34 fits our strategy of seeking out underexplored offshore exploration opportunities that can be significantly de-risked before drilling by the application of innovative technologies such as electro-magnetic imaging."
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