The development stages:Exploration drilling/2014-06.Block 39 is located in the Marañón basin and covers an area of 8,868 square kilometers in Peru's Loreto region province of Maynas. The block is jointly operated by London-based junior Perenco (55%), PetroVietnam Exploration Production (PVEP) (35%) and Reliance Exploration and Production (10%). Oil reserves in the block are estimated to be 87.1Mb. In April 2011, Repsol (which had a 55% interest in the block until August 2014) submitted an environmental impact study to the energy and mining ministry, and set a budget of US$1.19bn. Of this, US$30mn will be put aside for the acquisition of 680 square kilometers of 3D seismic and the rest was earmarked for the drilling of 21 wells. In the block there is an indigenous group living in voluntary isolation, with little or no contact with the outside world, which makes developing the project more difficult.