January 29, 2020 | 12:02 am
PXP Energy Corp. said on Tuesday
that drilling had started for an exploration well in Peru in which it has
participating interest.
“The drilling operation is estimated
to take 30 days and shall drill to approximately 3,000 metres subsea,” it told
the stock exchange.
The company was quoting an
announcement made in Australia by Karoon Gas Australia Ltd. about the drilling
of Marina-1X well in Peru Z-38, offshore Peru.
“Peru Block Z38’s Marina prospect
has an unrisked best estimate prospective resource of 256 million barrels (64
million barrels net to Pitkin). This prospect will be the first well to be
drilled in Block Z-38. Pitkin is carried in the cost of Marina-1X and a second
future well under a Farm-in Agreement signed with Karoon in 2008,” PXP Energy
said.
Pitkin Petroleum Ltd., a
53.43%-owned subsidiary of PXP Energy, holds a 25% participating interest in
Peru Block Z-38.
Earlier this month, PXP Energy said
the Marina prospect comprises a large fault bounded structure with targets at
multiple levels. The structures are well defined by 3D seismic, it added.
Karoon’s wholly owned subsidiary,
KEI (Peru Z-38) Sucursal del Peru, owns a 40% operating equity interest in the
blocks with Tullow Oil Ltd. holding 35% and Pitkin Petroleum holding the rest.
On Tuesday, shares in PXP Energy
climbed by P0.64 or 7.02% to close at P9.76 each. — VVS
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