Perupetro, Vamex Sign Contract for Z-38 Offshore Block

Peru's state hydrocarbons agency Perupetro has signed a contract with the Peruvian subsidiary of Vietnam American Exploration (Vamex) for exploration of offshore block Z-38, a Perupetro source told BNamericas.

The block covers 487,546ha and Vamex will invest some US$42mn in exploration, according to a Perupetro statement released late Thursday.

Works will entail acquisition 2,000km of 2D seismic data and 600 sq km of 3D seismic data as well as drilling three exploratory wells, the source said.

Works also include acquiring 1,000km of gravity and 1,000km of magnetic data, Perupetro said in the statement.

The offshore block features ocean depths from 400-1,000m, the source said.

The block is Peru's most northwestern offshore block, west of block Z-1 operated by Houston-based energy company BPZ Energy (Amex: BZP) and north of block Z-34 operated by London-based Gold Oil (LSE: GOO).

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