Lima, Jun. 18 (ANDINA).- Pan Andean Resources PLC said that its partner and operator on the Peruvian Blocks 131 and 114 in the Ucayali jungle, Spanish major CEPSA, has now moved Block 131 to the second phase of exploration activities.
This 18 month period begins in July 2009, and requires the acquisition, processing and interpreting of 300 kilometres of 2D seismic. The Peruvian authorities have been notified.
In Block 114, the previously announced decision by CEPSA to acquire 200 kilometres of 2D seismic is now being implemented. Canadian contractor SAE is now mobilising in the Tamaya area in the north-east of Peruvian Block 114.
Pan Anderan expects the seismic acquisition to be completed within two months. Following acquisition, the seismic data will be processed and interpreted, with the objective of selecting drill targets.
Pan Andean holds a 30 percent interest in both blocks and is fully carried in all expenditure through the first well and for 50 percent of a second well.
Managing director David Horgan said: “This is excellent progress by CEPSA on both our joint blocks. The potential of Block 114 is recognised by the speedy decision of CEPSA to move quickly to acquire detailed seismic on a small area of the block.
“We are delighted that the CEPSA review of data on Block 131 supports the view of Pan Andean that the Block has high potential,” he added.
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