Repsol YPF has drilled three wells at the block, one of which - Buena Vista - discovered 3,200b/d of heavy crude and led to the drilling of wells Delfín and Raya.
The block's true crude potential will be known in 2009 at the earliest, Munoz-Delgado said.
The new US$70mn exploration phase will entail drilling two evaluation wells and 1,100km of 2D seismic work.
"We already have presented the environmental impact study to the energy and mines ministry and we are awaiting approval," the executive said.
Peru's state hydrocarbons promotion agency Perupetro estimates block 39 reserves at 100,000b/d, the report said.
BLOCKS 57 and 90
Munoz-Delgado added a well is being drilled at block 57, which spans Junín, Ucayali and Cuzco departments, with results due in October.
Drilling also is underway at block 90 in Ucayali that could wrap up in November, he said.
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