The development stages:Exploration drilling/2006-07.The Porvenir block was won by PetroMagallanes Operaciones in October 2008 in an E&P round. The company, which belongs to Greymouth Petroleum, is carrying out a drill campaign that targets the southern area of the block where upto 30 wells are planned. The 627 square kilometers block has shown potention as a gas play. 120 square kilometers of 2D and 3D seismic has been acquired by PetroMagallanes and one well was perforated in 2012.