The commitments for the first exploration phase include regional studies and seismic acquisition. Upon the successful completion of phase one, the company has the option to continue the exploration program with additional seismic acquisition and drilling one well for each block.
Jose Francisco Arata, Chief Executive Officer of the company, stated: 'We are very excited with the result of this bidding process because it offers a very compelling geographic diversification for Pacific Stratus. The Maranon Basin is a well-known prolific hydrocarbon bearing area with very attractive geological prospects and access to the Pacific Ocean and the growing Asian markets. Peru is a stable democracy, with a business friendly government, offering very attractive legal and fiscal terms.'
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