The development stages:Exploration drilling/2011-01.Spanning nearly 5,000 square kilometers, Block Z-38 is located in Peru's offshore Tumbes basin. Karoon Gas Australia is the operator of the exploration block with a 75% interest, and Pitkin Petroleum Peru Z38 SRL holds the remaining stake. In June 2013, Peru approved the environmental and social impact study for a US$729mn drilling program, including 10 exploration wells and 10 confirmation wells.