Peru upstream watch

By
Wednesday, March 14, 2018

Baron Oil expects the El Barco well at Peru block XXI to spud midyear to a depth of 1,850m to test low-risk sands in the Mancora Formation and higher-risk fractured basement.

Combined unrisked recoverable P50 prospective esources for the two zones are estimated by Baron at some 25Bf3 of gas, although it is possible the basement could be oil-bearing, according to a company presentation.

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Baron highlighted it is negotiating a deal under which a new partner will pay 50% of the well's US$1.4mn cost.

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In a filing with Argentina's securities regulator CNV, Tecpetrol reported disbursement of US$200mn from a loan with Banco de Crédito del Perú, BBVA Banco Continental, Citibank and JP Morgan Chase Bank that it agreed to in September with Tecpetrol del Perú and Tecpetrol Bloque 56.