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Karoon Gas Australia's plan this year for block Z-38 offshore Peru entails acquiring 2D and 3D seismic, according to a company presentation.
The block covers 4,875km2 in the Tumbes basin and has two main leads with 100M-200Mb oil or multi Tf3 gas prospective resources potential, the presentation adds.
Karoon said it is earning up to a 60% equity stake in the block by funding the seismic work. Drilling could take place next year.
In Peru, the company also holds a 100% interest in block 144 in the Marañón basin. The block boasts leads with 50M-250Mb of prospective resource potential, Karoon said.
Block 144's phase one work program includes reprocessing 1,000km of 2D seismic, geological and geophysical studies through October 2011.
Phase two entails interpreting 300km of 2D seismic through April 2013 and phase three would run through October 2015 and envisions drilling one well to a minimum depth of 4,200m.