Pan Andean announced that CEPSA of Spain and Perupetrol have finalized the legal agreement whereby CEPSA becomes the Operator of Blocks 114 and 131 in the Ucayali area of Peru. A Supreme Decree has been issued authorizing the transaction.
Under the terms of the agreement, Pan Andean maintains a 30% carried interest in each block with all expenditure funded by CEPSA, up to and including 100%of the first exploration well on each block and 50% of a second well on each block.
CEPSA have paid Pan Andean back costs incurred on the blocks totalling $3 million to date on both blocks.
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