Project Profile
Value: Undisclosed
Location: Offshore Talara Basin, North West Peru
Area: 3,713 km2
Block Z34 is located in the offshore Talara Basin. Exploration in the basin began onshore in 1868 and the basin has since produced 1.6 billion bbl. The USGS (2004) estimated that 1.71 billion barrels recoverable remains to be discovered in the basin of which 85% is expected offshore. Z34 is unexplored with no wells drilled in the bulk of the permit area. Gold recently acquired 2,013 km of 2D seismic. Gold holds 100% of the permit to explore Talara Basin Block Z34. Block Z34 covers 3,713 km2.The Block Z-34 is host to three prospects, Cuy, Cuy Sur, and Daphne, all located in the northern part of the block.
Permit history and standing
In early 2005 Gold Oil obtained a Promotion Licence from Perupetro for Block Z34. The Company then applied for an Exploration Licence. In July 2006 the Company was qualified as an Operator for Block Z34 and in March 2007 signed the licence contract with Perupetro for Block Z34, together with Plectrum Petroleum PLC, a 50% partner. In October 2007 Plectrum was purchased by Capricorn (a subsidiary of Cairn Energy) and a year later Gold purchased all of Plectrum\'s interest in Z34 by purchasing the Company that held the Licence interest. Gold acquired 2,013 km of 2D seismic data in 2009, the first significant survey in the block.
Location and infrastructure
The geographical location corresponds to the most Western area of the Peruvian coast, at the Northern boundary with Ecuador. It is bounded to the East by Block Z2B, operated by Savia Peru, which in 2010 has an average production of 12,200 bopd of crude oil and about 73 MMscfd of associated natural gas, 33 MMscfd of which is injected for pressure maintenance and secondary recovery projects. Water depths in the block range from 75m in the East to 3000m in the far West.
Exploration history
Z34 has had negligible exploration prior to the acquisition of 2D seismic by Gold in 2009, with no wells drilled in the bulk of the permit or away from the Talara oilfields to the East. Gold Oil will acquire, process and interpret in excess of 800 sqkm of 3D Seismic. This will be used to market the block to potential farm in candidates.
Operators:
Gold Oil (Subsidiary of Baron Oil Plc.): 50% interest
Union Oil & Gas: 50% interest
Contractors:
DeGolyer and MacNaughton: Certified the mean prospective resources