Local juniors increase Peru northwest activity

Monday, February 23, 2015

Peru's northwest has been targeted for a US$179mn development well campaign that envisions the spudding of over 100 wells.

Information from the energy and mines ministry reveals Petrolera Monterrico (Petromont) filed an EIS for the drill project on blocks II and XV.

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Fifty wells are planned on block II over seven years and 65 on block XV over 10 years. Drill depth will range from 5,000-13,000ft (1,524-3,962m). Works include new production facilities and the expansion of existing infrastructure.

Petromont expects block II wells to take 40 days at a cost of US$1.60mn/well and block XV wells 30 days at a cost of US$1.53mn/well.

The local junior also holds block XX.

BNamericas reported this month that Olympic had submitted an EIS for an exploration and development drill project on northwest block XIII-B.