By OGJ editors
HOUSTON, Dec. 7 -- Peru state oil company Perupetro SA approved a 30-year exploration and exploitation contract covering Block Z-34 off Peru for joint venture partners Plectrum Petroleum PLC and Gold Oil PLC.
The two companies, both UK independents, negotiated to convert Gold Oil's promotional license into a full exploration contract, with Plectrum taking 50% interest. Final formal approval from Peru's Minister of Energy and Mines is expected next year.
Plectrum plans to acquire a modern conventional seismic grid plus marine magnetotelluric and electromagnetic studies. Exploration has been minimal in Block Z-34. The 3,713 sq km block lies in 100-3,000 m of water (OGJ Online, May 9, 2006).