Veraz Petroleum has received approval of its Environmental Impact Assessment (EIA) from the Ministry of Energy and Mines of Peru. The EIA establishes the regulatory framework for the acquisition of a new 150 km2 3D seismic program over the existing La Colpa 1X well. This well tested oil from four discrete geological formations and will be the focus of Veraz's exploration program. In addition, the EIA will allow 50 km of new 2D seismic to be shot on leads derived from the reinterpretation of the existing 2D seismic data. Finally the approval permits the drilling of up to four new wells. This approval is the culmination of sixteen months of work by the Company with native communities and various Ministries of the Peruvian Government.
President and CEO, Gerardjan (Oppe) Cosijn commented, "The Company has achieved a significant milestone in obtaining this approval. The EIA represents a coordinated and cooperative effort among indigenous communities, the Peruvian Government and Veraz to develop an exploration program that evaluates the significant hydrocarbon potential of the area in a manner respectful of the impacted communities and their environment."
Veraz, in conjunction with its joint venture partner, is currently evaluating the timing of the upcoming activities and will report to shareholders as decisions are finalized.
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