Block 131 has a total area of approximately 40 000 square km and is located west of Pan Andean's Block 114 in which exploration activities have been ongoing since 2006. The directors consider the block which has approximately 750 kilometers of 2D seismic, four wells, and three known oil seeps, to be highly prospective. The minimum work program for this block includes the reprocessing of 500 km of 2D seismic and the presentation of a geological and geophysical evaluation report in a period of 12 months. Commercial terms are world class.
The Ucayali basin has become one of the most attractive under explored basins in Peru among international oil companies and is also the host of the world class giant Camisea gas condensate field.
Block 141 has approximately 22 000 square km and is northwest of Lake Titicaca in the high plains of Peru. The block is in a frontier basin. However, the basin has a working petroleum system having seen successful exploration activities as early as 1875 when the Pirin oil field was discovered. The work program for this block includes regional geological studies, the surveying and processing of aeromagnetic and aerogravimetric data in a period of 18 months. Commercial terms are world class.
Managing Director, David Horgan said:
"We are pleased with the important new acreage which has been awarded to Pan Andean. We have identified numerous potentially valuable plays in both blocks and look forward to executing in the near future.
Block 131 is of particular interest, with a recent discovery adjacent to our block and previous drilling resulting in hydrocarbons shows. We believe that our management experience and utilizing modern technologies will allow us to develop the project successfully.
These acquisitions are very much in line with Pan Andean's growth strategy of focusing on prospects with high exploration potential in both Colombia and Peru".
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