Plectrum, Gold Oil Invited to Enter Negotiations for Offshore Peru Block

Plectrum Petroleum PLC, along with joint venture partner Gold Oil Plc, has been invited to start exclusive negotiations with Perupetro S.A. on the details of an exploration license covering Block Z-34, offshore Peru.

The invitation follows Perupetro’s formal designation of Gold as an approved offshore operator and Plectrum as an approved contractor. Plectrum expects that Perupetro will sign and approve the contract within weeks, followed by the eventual formal approval of Peru’s minister of energy and mines.

On June 8, Plectrum announced that it had agreed to form a joint venture with Gold in respect to Block Z-34. Under the joint venture, Gold's existing promotion agreement would be converted into a 30-year exploration and exploitation license. Final completion of the transaction was subject to the qualification of both companies as approved contractors and the negotiation and approval of the exploration license terms by the Peruvian authorities.

"This is excellent news for Plectrum in our new joint venture with Gold,” said Mike Evans, Plectrum’s chief operating officer. “I look forward to speedy negotiation of the contract terms so that we can become operationally active as soon as possible."

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