Perupetro to Sign E&P Agreement for Z-34 Block March 8

Peru's state hydrocarbons promotions agency Perupetro plans to sign an E&P agreement for the Talara basin's offshore block Z-34 on March 8, the agency said in a statement.

The companies that will be awarded the block are London-based Gold Oil (LSE: GOO) and Scottish firm Plectrum Petroleum.

The 371,339ha block "has potential for typical deepwater turbidities, which normally have high porosities and permeability," Gold Oil said on its website.

Further, there are possible extensions of the prolific structural traps in the neighboring Z2B block and the Talara basin's onshore fields further east, Gold Oil said.

The company estimates that 2,500km of 2D seismic analysis in the deep offshore areas will be necessary to "give a good picture of the possible traps and structures on the block."

"Excluding the deepwater turbidite plays, there is a potential for at least 250Mb of oil in the shallower water areas," the website said.

Gold Oil CEO Thomas Tidow declined to comment further when contacted by BNamericas.

Gold Oil entered into a promotion license with Perupetro on February 7, 2005, for an initial period of 15 months. The license allowed Gold Oil to carry out a feasibility study while retaining exclusive rights over the block.

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