Burlington Resources Signs Exploration Deal in Peru

Burlington Resources recently signed a $60 million, seven-year exploration deal in Block 70 located in northern Peru. The initial term of the exploration agreement is for seven years with an option to extend it for an addition ten years. This is Burlington's first 100% owned interest in Peru.

Burlington has spent around $25 million since it arrived in Peru in the late 1990s, but its participation in five blocks has not yet yielded commercial hydrocarbons. The firm has had partnerships with Repsol and Occidental in three blocks and operates another with Advantage Resources.

The company at least two years away from knowing what its plans would be in Block 70 and, while it had no immediate plans for other exploration deals in Peru, it was "constantly looking for new opportunities."