Olympic Begins Drilling 3rd Well on Peru's Block XIII

US company Olympic has begun drilling a third well on block XIII in Peru's Paita province, Piura department, hydrocarbons promotion agency Perupetro reported.

The production potential of the well, dubbed PN-15m, and its commercial development could be determined in coming weeks, state news agency Andina said.

Olympic recently discovered oil at exploratory well Isla 1X with an estimated volume of 900b/d.

"This 900b/d is very important considering that in this zone, one well only produces 10-20 barrels [a day]," Andina quoted Perupetro promotion manager Ronald Egusquiza as saying.

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