Plectrum Petroleum Plc, Gold Oil to explore offshore Peru
Dec. 7, 2006
Plectrum Petroleum and partner Gold Oil Plc. have received approval from state oil company Perúpetro SA for an exploration and exploitation contract covering block Z-34 offshore Peru.
Offshore staff
ABERDEEN, UK -- Plectrum Petroleum and partner Gold Oil Plc. have received approval from state oil company Perúpetro SA for an exploration and exploitation contract covering block Z-34 offshore Peru.
The companies have been in exclusive negotiations with Perúpetro to convert Gold Oil's previous promotional license into a full exploration and exploitation contract, with Plectrum taking a 50% interest.
Plectrum announced its intention to form a joint venture with Gold Oil to pursue E&P offshore Peru in June 2006.
"Final approval from the Minister of Energy and Mines in the new year will allow us to embark on our initial work program of acquiring a modern 2D seismic grid and electro-magnetic studies," says Mike Whyatt, Plectrum's executive chairman.
Block Z-34, adjacent to existing shallow-water production concessions in the Talara basin, has seen minimal exploration. The JV is pursuing activity on the block as part of its strategy of seeking out underexplored offshore exploration opportunities where the application of innovative technologies can significantly reduce risk before drilling, Plectrum says.
