By OGJ editors
HOUSTON, Oct. 14
-- CEPSA Peru SA started a 2D seismic shoot in 2.4 million acre Block 127 in Peru's Maranon basin.

The company will collect 255 line-km and 135 line-km in the northeastern and southeastern parts of the block, respectively. An exploratory drilling likely will be made in first quarter 2010.

The closest part of the seismic program is 6 km west of 10-million-bbl Chambire Este oil field, which is connected to the Trans-Andean pipeline.

Under a farmout with Loon Energy Corp., Calgary, CEPSA will pay the first $10.75 million of exploration expenditures, after which each party will pay its respective share. Loon Energy holds 20% interest in the block.

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