Gold Oil, Plectrum Sign E&P Contract for Z-34 Block
Peru's state hydrocarbons agency Perupetro has signed an E&P agreement for the Talara basin's offshore Z-34 block with London-based Gold Oil (LSE: GOO) and Scottish firm Plectrum Petroleum, Perupetro said in a statement.
The block has a minimum work program of US$49mn including the acquisition of geophysical information and the drilling of three wells.
The companies will begin with a planned 2000km 2D seismic program followed by controlled source electromagnetic (CSEM) modeling, Gold Oil CEO Thomas Tidow and Plectrum CEO Mike Evans told BNamericas in a joint email.
The companies will carry out CSEM surveys if the modeling shows positive results. If the area is not appropriate for CSEM, the companies will carry out more seismic exploration, Tidow and Evans wrote.
The contract stipulates the first well is drilled no later than 30 months after exploration begins.
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.
Plectrum and Gold Oil will each have a 50% stake in the block with Gold Oil acting as the operator. Plectrum will cover all costs for the first two periods of exploration, the executives said.
Visit BNamericas to access our real-time news reports, 10-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
- Gold Oil In Talks for Partner Offshore Peru (May 08)
- Gold Oil Granted License Extension in Peru (Jan 30)
- Gold Oil Extends Survey, Seeks Farm-In Candidates Offshore Peru (Jul 11)
Company: Perupetro more info
- Peru Says Will Cut Royalties In Current Oil Contracts By July (Feb 03)
- Peru To Cut Oil, Gas Royalties To 5% To Counter Price Slump (Nov 11)
- Government: Peru's Biggest Oil Block Fails to Receive Any Bids (Aug 05)
Company: Plectrum Petroleum more info
- Cairn: Increasing Asset Portfolio through Acquisitions (Sep 07)
- Plectrum Petroleum to Convert Nabeul Permit Into an Exploration Permit (Jul 24)
- Plectrum Begins 2D Shoot Offshore Tunisia (May 30)